European payments processor iZettle raises $67M and launches a cash advance service for SMBs

European mobile payments processor iZettle has announced a fresh €60 million ($67 million) raise. The round was led by Intel Capital and Zouk Capital, both existing investors, and takes the company’s funding to almost €150 million ($168 million).

As with Square, iZettle offers merchants a physical card reader and app, allowing them to easily accept card payments from customers. There are a number of other similar players in Europe, including Rocket Internet’s Payleven, based out of Germany, and London-headquartered SumUp.

Today’s news also heralds a brand new service from the Stockholm-based startup — iZettle Advance will offer merchants an advance on future card sales. It’s effectively a lending program, with companies borrowing against projected income, paying the money back in instalments each day in proportion to card sales.