The mobile payments company will use this amount to develop and research improvements for SMEs.
New economic momentum for Swedish startup iZettle . The company has secured the entry of 30 million euros from the European Investment Bank , which it plans to focus on research and tools focused, especially on small and medium-sized companies.
In particular, iZettle wants to focus on four key areas, among which are the payment infrastructures, with the development of different mechanisms. They also want to improve research in legislative and regulatory compliance systems. Another part will go to electronic commerce.
Finally, the investment will also have a focus on artificial intelligence, targeting solutions and research based on automatic learning . As explained in Business Insider , the AI investment plan is initially planned for the next three years, and they want to focus on SMEs due to the smaller possibilities of companies of this size to develop solutions based on this technology and created especially for their measure .
IZettle CEO and co-founder Jacob de Geer has been “proud” of what he sees as a “seal of approval of the EIB.” De Geer explained that this investment “is the type of supply that can not be rejected, and will allow us to accelerate our growth and continue to level the playing field for small businesses, giving them access to tools with which to approach large corporations” .
Last January, the startup of mobile payment solutions for SMEs, one of the leading companies in the Fintech sector in the Nordic countries, closed an extension of its D-series round that allowed it to enter an additional 60 million euros.