(Bloomberg) -- IZettle AB, the Swedish payments company, is getting 30 million euros ($36 million) in debt funding from the European Investment Bank to create new products for small business.
The company, which provides terminals that allow small businesses to easily take card payments and also offers financial services, is a rival to Square Inc. in Europe.
IZettle said the funds will be earmarked for research and development in four areas targeted at small companies: payment infrastructure, data analysis and automation based on machine learning, digital commerce and compliance systems.
The terms of the loan weren't disclosed.
The EIB, jointly owned by members of the European Union, borrows money on international markets and lends it to companies in the region to promote economic growth, jobs and other goals like climate change mitigation. The organization wants to ensure small businesses don't miss out on the advantages of new technology, such as artificial intelligence, due to a lack of funds.
In January, iZettle received 60 million euros, including 45 million in debt financing from Chicago-based Victory Park Capital, and equity investments from existing investors, such as venture capital firms 83North and Index Ventures, among others. IZettle is also backed by the corporate venture arm of Intel Capital, and London-based private equity firm Zouk Capital.
To contact the reporter on this story: Jeremy Kahn in London at jkahn21@bloomberg.net.
To contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Molly Schuetz, Alistair Barr
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