Swedish payment company iZettle today announced it raised €40 million ($47.05 million) in funding to accelerate growth.

The round was led by venture capital firm Dawn and The Fourth Swedish National Pension Fund.

Established in 2011, iZettle enables small business merchants across Europe and Latin America to accept card payments. Over the past years, it has also launched tools that enable merchants to track sales and seek funding.

The fintech previously raised €30 million in debt funding from the European Investment Bank in September and €51 million ($60 million) in January.

In a statement Wednesday, Jacob de Geer, co-founder and CEO of iZettle, said:

iZettle is currently in an extensive expansion phase. Through today’s announcement we’re able to allocate additional resources in order to accelerate our ambitious growth plan and product innovation.

Some reports go on to suggest that with this new round of funding the fintech could be getting itself ready for a sale or even an IPO.

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