European financial technology firm iZettle has raised 60 million euros ($63.4 million) to help fund a recent acquisition and fuel expansion of its new lending product.
The Swedish start-up is a rival to U.S. firm Square, which is run by Twitter CEO Jack Dorsey.
It provides small point-of-sale terminals that connect to apps on a smartphone or tablet allowing small businesses to accept debit and credit cards. But the company has also been growing new areas of revenue and last year introduced Advance – a small business loan service. It allows companies to get access to capital from iZettle which is paid back as a percentage of the firm's daily card payments.