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Zettle
Zettle by PayPal (previously known as iZettle) is a Swedish financial technology company founded by Jacob de Geer and Magnus Nilsson in April 2010. Launching its first app and service in 2011, the company offers a range of financial products including payments, point of sales, funding and partners applications. The company was acquired by PayPal in 2018.
The company was one of the first to develop a chip-card reader and app for smartphone-based mobile commerce which meets international security requirements.
In April 2010, Jacob de Geer and Magnus Nilsson founded iZettle and launched its first app and chip card reader in 2011. The name “iZettle” derives from the expression “settling a debt.” The founders wanted a name that described what the company would do. They decided on a stylized combination of the words “I” and “Settle.”
iZettle is de Geer's fourth start-up. de Geer was the first employee of TradeDoubler in 1999 and Ameibo and Tre Kronor Media in 2007.
In August 2011, iZettle launched its mobile app for iOS in Sweden to meet the local demands of a market dominated by smart card technology. The app worked, initially with a Chip & Signature Card Reader. Eventually, The company launched the full version of the service in Sweden later that year. Soon after launching, iZettle was listed as one of Tech Europe's Pick of Stockholm Start-ups. In August 2012, the iZettle mobile app for Android was released.
In June 2013, iZettle entered a partnership with Banco Santander, who invested more than €5M in the company and helped provide access to Santander's customers in Europe and other regions.
In June 2013, Visa signed iZettle to its Visa Ready Program, giving the startup access to tools for further developing mag stripe and mobile acceptance systems. iZettle's solution achieved a MasterCard Best Practices certification in February 2013. In September 2017, iZettle raised $36 million funding from the European Investment Bank.
On May 17, 2018, it was reported that PayPal would be buying iZettle for $2.2 billion. The impending IPO was therefore cancelled. In April 2019, the U.K. regulator granted preliminary approval for the acquisition.
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Zettle
Zettle by PayPal (previously known as iZettle) is a Swedish financial technology company founded by Jacob de Geer and Magnus Nilsson in April 2010. Launching its first app and service in 2011, the company offers a range of financial products including payments, point of sales, funding and partners applications. The company was acquired by PayPal in 2018.
The company was one of the first to develop a chip-card reader and app for smartphone-based mobile commerce which meets international security requirements.
In April 2010, Jacob de Geer and Magnus Nilsson founded iZettle and launched its first app and chip card reader in 2011. The name “iZettle” derives from the expression “settling a debt.” The founders wanted a name that described what the company would do. They decided on a stylized combination of the words “I” and “Settle.”
iZettle is de Geer's fourth start-up. de Geer was the first employee of TradeDoubler in 1999 and Ameibo and Tre Kronor Media in 2007.
In August 2011, iZettle launched its mobile app for iOS in Sweden to meet the local demands of a market dominated by smart card technology. The app worked, initially with a Chip & Signature Card Reader. Eventually, The company launched the full version of the service in Sweden later that year. Soon after launching, iZettle was listed as one of Tech Europe's Pick of Stockholm Start-ups. In August 2012, the iZettle mobile app for Android was released.
In June 2013, iZettle entered a partnership with Banco Santander, who invested more than €5M in the company and helped provide access to Santander's customers in Europe and other regions.
In June 2013, Visa signed iZettle to its Visa Ready Program, giving the startup access to tools for further developing mag stripe and mobile acceptance systems. iZettle's solution achieved a MasterCard Best Practices certification in February 2013. In September 2017, iZettle raised $36 million funding from the European Investment Bank.
On May 17, 2018, it was reported that PayPal would be buying iZettle for $2.2 billion. The impending IPO was therefore cancelled. In April 2019, the U.K. regulator granted preliminary approval for the acquisition.