Sweden-based mobile point-of-sale company iZettle has raised some $47 million in new funding as the firm ponders a future IPO.

The round is led by early backer venture capital firm Dawn and The Fourth Swedish National Pension Fund and is supported by existing investors, according to a press release.

"iZettle is currently in an extensive expansion phase and is in an unique position to make a difference for millions of small businesses," Jacob de Geer, co-founder and CEO of iZettle, said in the release. "Through today's announcement, we’re able to allocate additional resources in order to accelerate our ambitious growth plan and product innovation. I'm proud to welcome such renowned, long-term investors to the iZettle family."

Founded in 2011 and commonly referred to the Square of Europe, iZettle operates in 12 markets throughout Europe and Latin America.

The company in the past has been involved with rumors about an IPO as it lines up investors.