IZettle eyes IPO
06 July 2017 | 9118 views | 0
Having doubled revenues and slashed losses last year, Swedish mPOS outfit iZettle says that it is preparing for a potential IPO.
Launched in 2011, iZettle quickly established itself as the Square of Europe, helping small businesses accept card payments through their mobile phones.
The firm has since moved deeper into the merchant value chain, offering tools to take payments, register and track sales and to get funding.
It now operates in 12 markets in Europe and Latin America, with 1000 small businesses signing up every day.
This rapid customer acquisition helped the company increase revenues to SEK643 million (EUR66.8 million) last year, up from SEK402 million (EUR41.7 million). Although the firm remains some way off turning a profit, losses decreased by 23% to SEK228 million (EUR23.7 million).
In January the company closed a EUR60 million financing round, taking its total funding to around EUR200 million. Now CEO Jacob de Geer is looking to list.
"We see a huge market potential as tens of millions of small businesses are still being underserved by traditional financial players. Going forward our focus continues to be building a world class company and preparing the company for a potential IPO," says de Geer.