iZettle — the commerce platform based out of Stockholm that competes against companies like Square, Paypal and SumUp to provide card transactions using smartphones and tablets as well as related accounting services — has raised another €40 million ($47 million) as it approaches a $1 billion valuation. CEO and co-founder Jacob de Geer told TechCrunch the money will go towards expanding into more markets beyond the 12 where it currently operates in Europe and Latin America.

The company declined to disclose its valuation, which last was at €500 million (about $584 million) in its Series D.

“It’s absolutely an upround,” De Geer said in an interview. “We tend to have an internal saying that the valuation of the company is the sum of all the problems that we solved, and we’ve solved millions of those so the valuation should be in line with that.” 

However, Swedish publication Dagens Industri, which reported rumors of the funding yesterday, pegged the valuation at the time at $948 million (8 billion Swedish crowns), and we have confirmed that figure with our own sources.

“What you see right now is a proof point that the company is doing exceptionally well,” De Geer said. “In the last couple of months, we’ve had significant growth that led to taking the decision to accelerate the business.”

As for which countries it may tackle next, he said that Central and Eastern Europe were “absolutely” in iZettle’s sights alongside more growth in Latin America.

“It’s interesting to see how Poland, for example, is very well advanced in contactless payments,” which many see as a key…

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