Swedish mobile payments startup iZettle AB has raised $63 million in new funding to push its mini-credit card readers that turn smartphones or tablets into cash registers.

The new funding was raised at a valuation of $500 million, according to TechCrunch, through a combination of equity financing from existing investors including Intel Capital, Index Ventures, MasterCard and American Express, and debt financing from Victory Park Capital.

Founded in 2010, iZettle offers small businesses portable point-of-sale solutions and free sales overview tools. The company’s technology allows users to take payments with no startup costs, no contracts, and no monthly fees. iZettle says that its solution offers “a powerful set of tools that help entrepreneurs start, run and grow their businesses” and includes business management, sales analytics and customer engagement tools. In addition to point-of-sale products, iZettle also offers Advance, a loan service for small businesses, meaning that it acts as an alternative to banks as well.

The company grew revenues by 81 percent to 345 million Swedish crowns ($38.1 million) in 2015, while its operating loss increased to 258 million crowns ($28.5 million) from 228 million ($25.2 million) in 2014.

The company is best compared to Square Inc., the difference being where they operate. Square is focused on the United States while iZettle’s business centers on Europe, providing services to Sweden, Germany, Spain, and the U.K., as well as recently expanding into Mexico and Brazil. iZettle claims that it is currently the market leader in the U.K.

“We have been following the impressive growth of iZettle since its inception,” Victory Park Capital Partner Gordon Watson said in a statement. “iZettle is an innovator and a clear market leader in Europe, and we want to be part of its next chapter of growth.”

Including the new round, iZettle has raised $188.12 to date. Additional previous investors include 83North, Creandum, Dawn Capital, Hasso Plattner Ventures, Hermes GPE Environmental Innovation Fund, MCI Capital SA, Northzone, Santander and SEB Private Equity.

The company said it would use the new funding to “further grow iZettle’s offering to ensure it continuously innovates and keeps supporting the needs of small businesses in Europe and Latin America.”

Image courtesy of iZettle