European start-up iZettle, which provides small businesses with a secure mobile POS application for smartphones, announced it has raised $11.2 million in Series A funding. The company said funding was led by Index Ventures with co-investor Creandum and further investment from Charles Dunstone, CEO and co-founder of The Carphone Warehouse.

The Stockholm-based iZettle is similar to mobile POS solutions in the U.S. like Square. The difference is that iZettle allows merchants to accept chip-enabled cards, a widespread, more secure, payment technology outside of the U.S. The company said its solution is approved by EMV (Europay, MasterCard and VISA), the organization that administers the standards for chip-enabled cards, as well as being compliant with the PCI Data Security Standard (DSS).

"We were impressed that the iZettle team had managed to build a system which achieved the high security levels required for chip card processing yet also remained beautifully simple and intuitive to use. We look forward to helping the team with their global expansion," said Creandum General Partner Johan Brenner in the announcement. Brenner will also be joining the iZettle board.

The funding will be used to help iZettle enter other chip-card markets outside of Sweden as well as develop the service, the company said.

For more stories like this, please visit our POS research center.