European mobile point-of-sale provider iZettle Monday introduced what it dubbed as the world's first free chip-and-PIN reader. 

The new card reader is available to businesses in the U.K., Sweden, Norway, Denmark, Finland, Spain, Germany and the Netherlands. The Lite, as it's called, connects to tablets and smartphones via a cable, and removes all startup costs for business that seek to accept card payments for their products and services. 

"This is one of the boldest moves we have ever made," Jacob de Geer, iZettle's co-founder and CEO, said in a statement. "Four years ago we upended the market with the world’s first mini chip card reader. We're now embarking on the next step in our journey, with yet another groundbreaking offer that will cement our position as Europe's leading mobile payments company."

Alongside the Lite, iZettle will continue to offer its Card Reader Pro, which comes with a built-in display and connects to tablets and smartphones wirelessly.

The company said it has more than doubled its transaction volumes in 2014, and is now running at a total annual transaction rate of €2 billion with continued strong growth in all markets.