It's been a busy week for iZettle. Earlier this week, the mobile point-of-sale company opened its API to let developers integrate the solution into their apps. And today iZettle announced it has scored a nice infusion of cash: €25 million ($31.4 million) in Series B funding. This round was led by Greylock Partners and Northzone and includes MasterCard, SEB Private Equity, Index Ventures and Creandum.

It's easy to call iZettle a "Swedish Square" implying it's simply a knock-off; after all, the company's product does the same thing and turns a smartphone into a mobile credit card terminal. But iZettle's reader is different in one important way: it processes EMV cards. That's huge for markets outside of the U.S., where consumers carry cards containing EMV chips to secure credit card data instead of mag stripes.

"IZettle is the first and only company to develop an affordable chip-card reader and app for smartphone-based mobile commerce that meets all of the rigorous international security requirements,” said Laurel Bowden, Greylock’s partner in London. "They’ve proved they’re ready to step up their game in this very complex and competitive industry."

IZettle, based in Stockholm, is currently available to merchants in Nordic countries and is being tested for a release in the U.K. The company said this round of funding will help the company launch its product in other European countries where chip cards are standard.

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