Swedish e-commerce outfit iZettle is looking to propel its business to Unicorn status in an IPO that could be announced as early as next week, according to the Financial Times
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. Earlier this month it launched a subscription-based e-commerce marketplace for small business owners to set up Web shops and sell their wares online.
It now operates in 12 markets in Europe and Latin America, with 1000 small businesses signing up every day.
The company first floated the idea of an IPO back in July. With revenues continuing to soar and losses narrowing, iZettle has advanced its plans and may announce its intention to float sometime next week, says the FT. It is aiming for a valuation of $1.1 billion in its stock market debut.
IZettle reported a 51% rise in revenue last week to Kkr966 million from Skr641 million in 2016, while the operating loss narrowed to Skr228 million from Skr244 million in the previous year.
Over the past year, the firm has raised EUR100 million from investors to accelerate growth and pave the way for the Summer flotation.