Swedish e-commerce outfit iZettle has confirmed plans to list its shares on Nasdaq Stockholm.
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.
The company first floated the idea of an IPO back in July and last week reports surfaced that it was eyeing a valuation of $1.1 billion for its stock market debut.
Jacob de Geer, CEO and co-founder of iZettle, says: "We are still in an extensive expansion phase and are in a unique position to make a difference for millions of small businesses in the markets that we serve. The IPO will provide us with improved access to capital markets to facilitate our continued growth and help us strengthen our profile with merchants, key business partners and in the fierce competition for talent.”
He says the company is seeking to raise $226.6 million from the listing to fund its expansion plans.
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. The company expects to return its first profit in 2020.
Over the past year, the firm has raised EUR100 million from investors to accelerate growth and pave the way for the forthcoming flotation, which will take place before the year is out.