iZettle, the social payments company, today announced it has completed a $31.4 millionSeries B round of funding led by Greylock Partners and Northzone. MasterCard, SEB Private Equity and Series A investors Index Ventures and Creandum are also participating in the round.

iZettle, which turns an iPhone or iPad into a credit card terminal using a mini chip-card reader and app, is available throughout the Nordics, and is now being tested for commercial release in the U.K. The Series B funds will be used to introduce iZettle in additional European markets and elsewhere around the world where chip-cards are the standard.

"iZettle is the first and only company to develop an affordable chip-card reader and app for smartphone-based mobile commerce that meets all of the rigorous international security requirements," said Laurel Bowden, Greylock's partner in London who is joining iZettle's board of directors. "They've proved they're ready to step up their game in this very complex and competitive industry."

iZettle's chip and signature solution has been an instant hit among small business owners and individual service providers, increasing the number of point of sale (POS) credit card terminals in the Nordics by 10 percent since the company began operation in Sweden last August and expanded to Denmark, Finland and Norway in February this year.

"There are currently about 20 million small businesses in Europe that only take cash or invoices, according to Eurostat. That's a huge opportunity that only iZettle can address right now," said Index Ventures partner Ben Holmes

iZettle takes just minutes to set up and has no monthly fee. Instead, for each transaction using iZettle in Sweden, for example, users are charged 2.75% for MasterCard, Visa and Diners Club card payments, and 3.75% of American Express payments.

iZettle is EMV (Europay, MasterCard and VISA) approved, and compliant with the Payment Card Industry Data Security Standard (PCI-DSS). No sensitive data is ever stored on the mobile device or iZettle reader, and all data traffic is encrypted.

About Greylock Partners

Greylock partners with entrepreneurs to help them build market-leading businesses. Over the past 45 years the firm has worked with hundreds of companies, 150 of which have gone on to IPOs and 100 of which have gone on to profitable M&A events. Such companies include Ascend Communications Aeroscout, CheckFree, Constant Contact, Data Domain, DoubleClick, Facebook, Groupon, Imperva, Legato, LinkedIn, Openwave, OutlookSoft, Pandora, RightNow Technologies, Success Factors, Tellabs, Trilogy, Wannova, Wily Technology and ZipCar. Current Greylock portfolio companies include Actifio, AirBnB, Cloudera, DropBox, JustEat, mySupermarket, One Kings Lane, Picarro, Redfin, ScaleIO, Workday and Zerto. For more information, please visit www.greylock.com.

About Northzone

Northzone is a technology investment partnership. With four offices and nine investment professionals across the Nordics and most recently the UK, Northzone's focuses on backing stellar teams building disruptive companies in attractive markets. Since its inception in 1996, Northzone has invested in over 80 companies, injecting some 200 years of collective operational and investment experience into businesses that truly make a difference. Notable investments include Lastminute.com, Pricerunner, Spotify, Nextgentel, Funcom, Stepstone, Nimsoft, EPiServer, Avito and Mamut. For more information, please visit www.northzone.com.

About MasterCard Worldwide

MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @mastercardnews, join the conversation on The Heart of Commerce Blog and subscribe for the latest news.

About SEB Private Equity

SEB Private Equity is the leading global private equity investor based in the Nordics focusing on developing companies both operationally and strategically by partnering with entrepreneurs and managers. SEB Private Equity manages capital in excess of $3000 mn invested in both mature companies such as Fairmount, Standard Water & Gall Thomson Environmental and growth stage companies such as Boku, Bloom Energy & GrubHub. For more information, please visit www.seb.se.

About Index Ventures

Index Ventures is a leading venture capital firm active in technology, biotech and clean tech venture investing since 1996. The firm is dedicated to helping entrepreneurial teams in the Information Technology and Life Science sectors build their companies into market defining global leaders. They invest from seed through to growth stage companies. The firm has offices in Geneva, London, San Francisco and Jersey. Index's current portfolio includes Criteo, Boku, Lookout, Mimecast, Ozon, Path, Pentaho, Rightscale, Soundcloud, Storsimple and viagogo. Exits of note include Cloud.com (acquired by Citrix), RPX (Nasdaq: RPXC), Lovefilm (acquired by Amazon), Playfish (acquired by Electronic Arts), MySQL (acquired by Sun), Last.fm (CBS) and Skype. For more information, please visit www.indexventures.com.

About Creandum

Creandum is the leading Nordic venture capital firm investing in innovative and fast-growing technology companies within consumer, software and hardware industries. The firm has over €200M under management and has invested in over 20 companies including Spotify, Wrapp, Cint, Edgeware, Izettle and Videoplaza. For more information, please visit www.creandum.com.

About iZettle

iZettle, the social payments company, creates services for person-to-person and business-to-consumer commerce. iZettle services are fantastically convenient and secure, simple to set up and use, and make it easy for users to share purchases with friends. iZettle's first service includes a free iPhone or iPad app and a mini chip-card reader that lets anyone make or take payments anytime, anywhere. Founded in 2010 by a team of serial entrepreneurs, iZettle is based in Stockholm. For more information, please visit www.izettle.com.