The European Investment Bank (EIB) has announced that it will provide Swedish payments firm iZettle with €30 million in debt funding over the next three years.

The funds are earmarked for research and development of financial and commercial tools that address the needs of smaller companies.

iZettle provides services through technology which allows small companies to take payments, to register sales and to get funding.

The EIB financing will support iZettle’s research and development programme in four key business areas: development of next generation’s payments infrastructure, insights and actions through machine learning and artificial intelligence; digitalisation of commerce processes and scaling legislative and compliance systems.

EIB vice-president, Alexander Stubb, said: “This loan is something that the EIB is proud of: It stands testimony to EIB’s ongoing effort to improve the access to funding for European mid-cap companies. iZettle is a young and innovative company which helps digitalise our economy and improves the business and cost structure of millions of small shops.”

Jacob de Geer, CEO and co-founder of iZettle, added: “We’re proud to receive this stamp of approval from the EIB. It’s the type of offer you can’t refuse and it will allow us to further accelerate our growth and continue to level the playing field for small businesses, giving them access to tools to take on the big corporations.”

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