Swedish mobile POS provider iZettle prepares for an IPO after reporting EUR66.8 million in profits

7 July 2017

iZettleiZettle, a Stockholm-based financial technology provider for small businesses, announced it plans to launch an initial public offering (IPO) after increasing its revenues two times and cutting its losses in the preceding year. Established six years ago, the Swedish mPOS solutions supplier successfully positioned itself as the European analogue of Square Inc. enabling small enterprises to accept and process card payments just using their mobile devices.

Jacob de Geer, CEO of iZettle, noted that the previous year was remarkable for the company in terms of revenues and throughout the year iZettle remained committed to growth funneling investments into customer acquisition and enhancing their product portfolio.

To date the company has substantially widened its package of services, adding sales and invoice monitoring and financing capabilities. iZettle is currently operating in 12 countries in Europe and Latin America with 1,000 small businesses attracted to the platform daily.

The company managed to raise its profits up to EUR66.8 million in 2016 as compared to EUR41.7 million in the same period a year ago. iZettle reported its losses were down by 23% to EUR23.7 million. This January the company raised EUR60 million in the financing round reaching total of EUR200 million in its aggregate financing.

de Geer adds that the company views the market as posing huge opportunities as there are still millions of small businesses who have limited access to financial services. Thus, iZettle is set up to further build up its business to bring it to the world class level and prepare for an upcoming IPO.

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