Squire Patton Boggs has advised the leading CEE venture capital fund MCI.TechVentures on a recently completed minority share investment in iZettle, a Sweden-based mobile payments company, following the company’s Series D funding round. The terms of investment were not disclosed.

iZettle offers various payment services and apps – from card readers for smartphones and tablets to registers to tools for increasing sales – to SME businesses operating in eleven markets: from Scandinavia through Germany, Great Britain, France and a number of Latin America countries. Alongside the core business focused on the mPOS (mobile point of sale) market, iZettle is active in the area of credit risk online evaluation and the analysis of customers’ cash flows made in real time.

“The number of prospective clients, i.e. small- and micro-sized businesses only in Europe is estimated at the level of 20 million. Latin America is a huge market where the banking penetration ratio is much lower than in Europe, therefore the growth potential for payment services is very big,” commented Mr. Sylwester Janik, partner and co-manager of MCI growth and expansion fund.

The Warsaw-based Squire Patton Boggs Corporate team advising MCI was led by partner Michal Karwacki and of counsel Pawel Magierowski.

Michal Karwacki added: “We’re more than delighted to act for the MCI team on their latest technology investment. As this deal illustrates, FinTech, mobile payments and other technology and internet related projects are a rapidly expanding, fast-growth sector in Poland, Europe, and internationally.”