Swedish payments company iZettle gets €30 million to invest in artificial intelligence for small businesses

Swedish payment terminal company iZettle has won €30 million (£26.6 million) in funding from the European Investment Bank (EIB) to explore artificial intelligence (AI) and machine learning for small businesses. AI and machine learning knowledge and technology are often geared towards big companies, and small businesses don't usually have the funds to develop solutions tailored to their needs. To tackle this problem, Stockholm-based iZettle plans to invest in research and development over the next three years, specifically to benefit smaller businesses. "We're proud to receive this stamp of approval from the EIB," said CEO and cofounder of iZettle Jacob de Geer. "It's the type of offer you can't refuse and it will allow us to further accelerate our growth and continue to level the playing field for small businesses, giving them access to tools to take on the big corporations," he said.