jacob de geer magnus nilsson headquarters stockholm sweden website www.izettle.com izettle chip and pin payment terminal and an iphone 5 showing a payment being made . izettle is a mobile payments company based in stockholm sweden and markets a single application and service called izettle . 1 2 jacob de geer and magnus nilsson founded the company in april 2010 and launched its first app and service in 2011 . 3 4 the izettle app and card readers allow individuals and small businesses in sweden finland denmark norway united kingdom germany france spain italy portugal the netherlands mexico and brazil to accept card payments on their ios or android smartphone or tablet . 5 6 7 8 9 the izettle app supports both chip cards and magnetic stripe cards through the izettle emv approved card readers through two plastic devices which either plug into the audio jack or connects wirelessly via bluetooth to supported smartphones and tablets . 10 11 the app s interface resembles that of a traditional cash register . izettle was one of the first companies to develop a chip card reader and app for smartphone based mobile commerce which meets international security requirements . 12 13 14 contents 1 izettle products 2 history 2.1 creation 2.2 growth 2.3 financial 3 areas served 4 technology 5 references 6 external links izettle products edit izettle s emv approved mobile payment solution allows small traders to take credit card payments with a payment system integrated directly into an app for a flat commission of 2.75 % . 10 15 16 17 in 2013 izettle upgraded its system to include a chip & pin device alongside its previous model allowing it to accept all major credit cards including mastercard american express and visa . 18 merchants use the service by downloading the app and by plugging an izettle card reader into an ios or android device . 3 with izettle s free management software tool izettle merchants can analyze credit card transactions and relay detailed information i.e. top selling products and average payment volume . 3 izettle launched its first sdk software development kit in january 2014 . the sdk kit provides developers with the ability to add payment services to their mobile apps . it can be used in any of the nine countries izettle is currently live in allowing for users to take payments via the app from izettle s chip and pin reader and return relevant information to the software to generate receipts . 19 20 izettle s solution achieved a mastercard best practices certification in february 2013 . 21 in february 2015 izettle has introduced lite reader a new card reader which it will offer to merchants free of charge can be used directly by plugging into the audio jack of iphone ipad or any android device . 22 23 history edit creation edit jacob de geer and magnus nilsson founded izettle in april 2010 and launched its first app and chip card reader in 2011 . 4 24 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 . 25 izettle is jacob de geer s fourth start up . 4 he was the first employee of tradedoubler in 1999 and ameibo and tre kronor media in 2007 . 26 growth edit izettle launched its dongle based mobile applications app for ios in sweden august 2011 to meet the local demands of a market dominated by smart card technology . 27 the app worked initially with a chip & signature card reader . 19 26 28 the company launched the full version of the service in sweden later that year . 28 soon after launching izettle was listed as one of tech europe s pick of stockholm start ups . 29 izettle became available for android devices in august 2012 making the system available to non ios users . 30 izettle became visa compatible in november 2012 when it added a new form of mobile payment to its list of services . instead of using a chip based reader visa customers entered the information manually onto a form verified by their phone number . due to a policy decision in august 2012 visa was shut down in europe . visa acceptance was restored in denmark finland and norway in november 2012 . to accept visa payments in denmark finland and norway izettle had to introduce a third party option . instead of using a chip based card reader visa customers enter their phone number in the izettle app on the merchants phone and will then via a text message be directed to a secure site on their own smartphone where they can input their card details in a form . the customer gets an onscreen confirmation if the payment is accepted and the merchant receives a notification in the app that the sale has gone through . 15 the company replaced the roundabout method in february 2013 by introducing a new wireless chip & pin reading device more convenient for visa customers . 31 this company entered a partnership with banco santander in february 2013 the eurozone s largest bank by market capitalization who would invest more than 5m in izettle in june 2013 giving the company access to santander s customers in the uk spain mexico and brazil . 18 as final proof of support visa signed izettle to its visa ready program in june 2013 giving the startup access to tools for further developing mag stripe and mobile acceptance systems . 32 financial edit izettle raised 11.2 million in series a funding in october 2011 led by index ventures and creandum . 4 19 28 in may 2012 the company removed its fixed 0.15 transaction fee in favor of a flat 2.75 % charge on sales for credit cards including american express . 33 34 in 2012 izettle received 31.6 m in series b funding from investors including mastercard seb private equity american express northzone and series a funders index ventures and creandum . 2 6 12 the purpose of this funding is to introduce izettle to additional european and international markets where chip cards are the standard . 12 in may 2014 izettle received 55.5 million in series c funding from investors including zouk capital dawn capital and intel capital as well as previous investors creandum greylock index northzone and seb . 35 areas served edit izettle serves individuals and small businesses in nine countries including scandinavia parts of europe the united kingdom mexico and brazil . 1 5 6 9 36 37 in 2012 the company expanded into the united kingdom germany and spain corresponding to the launch of its new chip & sign system and partnership with mastercard american express and diner s. 6 38 the pilot program began in great britain with izettle offering 3 000 free mini card readers to british merchant testers . 33 38 the company launched its card service in mexico in june 2013 and in brazil in august 2013 marking the first time the company has operated outside of europe . 1 9 technology edit izettle s technology converts smartphones into credit card processors with the help of chip & pin and chip & signature card readers . 14 39 with the system credit card information isn t stored over the phone but is processed through izettle s encrypted connection . the phone operates as a secure modem . 14 40 after a transaction is completed buyers can choose to have a receipt and photograph of what they purchased e mailed to them . 41 izettle applications and services are compatible with swedish fsa regulations . 42 references edit a b c ben rooney 18 jun 2013 . izettle launches card service in mexico . the wall street journal . retrieved 9 september 2013 . a b izettle . 9 jul 2013 . retrieved 9 september 2013 . a b c liam tung 4 apr 2013 . izettle adds new loyalty analytics features as it squares up to square . zdnet . retrieved 9 september 2013 . a b c d peter cohan 19 oct 2011 . izettle let s europe s mom and pops take chip cards . forbes . retrieved 9 september 2013 . a b rory cellan jones 6 nov 2012 . izettle and the modernisation of money . bbc . retrieved 9 september 2013 . a b c d mike butcher 30 oct 2012 . the square like izettle launches in germany with dz bank and deutsche telekom puts heat on payleven . tech crunch . retrieved 9 september 2013 . rich trenholm 25 may 2011 . izettle iphone credit card reader pays your bills with your phone . cnet . retrieved 9 september 2013 . nic fildes 16 may 2012 . smart approach to paying by card pdf . the times . retrieved 9 jul 2013 . a b c robin wauters 27 august 2013 . izettle launches its card reader and mobile payment service in brazil . the next web . retrieved 22 october 2013 . a b izettle starts accepting amex in sweden and finland . finextra . 8 may 2012 . retrieved 9 september 2013 . supported smartphones and tablets . izettle . retrieved 8 jul 2013 . a b c ben rooney 15 june 2012 . izettle closes 31.6 million expansion round . tech europe . retrieved 9 september 2013 . tim green 20 may 2011 . izettle to bring square style mobile payments service to europe . mobileentertainment . retrieved 9 september 2013 . a b c ben rooney 24 may 2011 . app turns any iphone into credit card reader . the wall street journal . retrieved 9 september 2013 . a b loek essers 13 nov 2012 . startup izettle settles mobile payments . computer world . retrieved 9 september 2013 . ingrid lunden 12 june 2012 . europe s square izettle goes one step further launches api to integrate payments into apps . techcrunch . retrieved 9 september 2013 . henry mance 11 jun 2013 . santander backs izettle to promote paying by card pdf . financial times . retrieved 9 september 2013 . a b mike butcher 20 feb 2013 . izettle launches wireless chip & pin stars taking visa and partners with santander . techcrunch . retrieved 9 september 2013 . a b c izettle europe s square releases an sdk for direct mobile payment integration on ios . tech crunch . 23 jan 2014 . retrieved 11 february 2013 . cite error invalid ref tag ; name tc5 defined multiple times with different content see the help page . izettle s new sdk lets devs add payment solutions to their apps . mobile entertainment . 23 jan 2014 . retrieved 11 february 2013 . 19 mobile point of sale mpos solutions achieve mastercard best practices certification . mastercard . 27 feb 2013 . retrieved 9 september 2013 . https www.izettle.com gb blog 111264793941 say hello to card reader lite sundar kumar jvs 17 february 2015 to grow merchant customers izettle slashes the cost of its card readers to zero techcrunch retrieved 24 february 2015 dusan belic 2 may 2011 . izettle iphone credit card reader works with smart cards . intomobile . retrieved 9 september 2013 . robin wauters 13 aug 2012 . payment startups clash cease and desist letter from izettle forces settle to change name to droplet . the next web . retrieved 9 september 2013 . a b bill robinson publisher huffington post 20 november 2011 . high tech startup focus izettle the new better square coming soon to america . retrieved 9 september 2013 . michael grothaus 18 aug 2011 . izettle credit card reader for iphone now available in sweden in limited numbers . t aw . retrieved 9 september 2013 . a b c martin bryant