iZettle Reports Strong Growth, Possible IPO
Swedish financial technology company iZettle is reporting a 60 percent jump in revenues compared with 2016, and CEO Jacob de Geer is talking IPO.
The company reported 2016 revenues of SEK 643 million (US$76.31 million) compared with SEK 402 million (US$47.71 million) the previous year.
“Last year was a great year for us, with revenues increasing twice as fast as costs for the second year in a row,” said de Geer, who is also co-founder. “Throughout the year we’ve remained focused on growth, investing in customer acquisition and expanding our product portfolio.”
Since launching its m-POS reader in 2011, the company has expanded its services to include sales and invoice tracking as well as financing. iZettle operates in 12 markets in Europe and Latin America and 1,000 small businesses join the service every day, according to the company.
“We see a huge market potential as tens of millions of small businesses are still being underserved by traditional financial players,” said de Geer, who added that the company will focus on preparing for a potential IPO.
iZettle recently appointed Sara Arildsson, previous CEO of the publicly listed company Fortnox, as chief operating officer, and Maria Hedengren, former CFO of listed NetEnt, as chief financial officer. Måns Hultman, investor and previous CEO and chairman of QlikTech, and Sonat Burman-Olsson, president and CEO of Coop Sweden, have joined the board.