iZettle, a Swedish MPOS provider, has raised €40m ($55.2m) in a series c funding round led by London-based Zouk Capital.

Participants in the funding round included new investors Dawn Capital and Intel Capital, alongside previous iZettle investors Greylock Partners, Index Ventures, Northzone and SEB Private Equity.

The round is thought to value iZettle at approximately €200m, with the latest funding targeted at growing the business in new markets including Latin America.

The expansion to Latin America follows iZettle’s recent market entry in to both Brazil and Mexico.

Nathan Medlock, principal in Zouk’s growth capital team and future iZettle board member, commented on iZettle’s future expansion to new markets outside of Europe.

"Building on its early successes in Europe, we’re excited about iZettle’s growth plans, and believe this round will give them the fire power required to execute on the next phase of expansion," he said.

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By GlobalData

iZettle has raised $46.7m in previous funding rounds with investors including American Express, MasterCard and Banco Santander.

The mPOS provider launched its dongle and app system that converted mobile phones in to payment card acceptance devices in Sweden in 2011.

The service has since expanded across Europe to the UK, Spain, Germany, Sweden, Denmark, Norway and Finland.

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