iZettle, the mobile payments company, disclosed Tuesday (May 8) that it will list on the Nasdaq Stockholm stock exchange in 2018.
According to a report in Reuters citing iZettle, it would mark one of the largest FinTechs in Europe to become a public company. The listing, noted Reuters, depends on market conditions. iZettle is a digital payment platform and runs eCommerce platforms in Europe and Latin America. It is aiming to raise $226.17 million in the initial public offering, noted the report. “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,” co-founder and Chief Executive Jacob de Geer said in a statement to Reuters.
iZettle was founded in 2010 and is most known for enabling businesses and individuals to accept payments. Its revenue at the end of 2017 was 966 million crowns, up from 641 million crowns in 2016. Its operating loss narrowed to 228 million crowns from 244 million crowns in the same time period, reported Reuters, noting that it has a goal of revenue growth of 40 percent each year and positive consolidated EBITDA by 2020’s close. Over the long haul, Reuters reported it is aiming for consolidated EBITDA net margin between 30 percent and 35 percent.
In late December the Stockholm payments company raised $47 million in a round of funding. TechCrunch reported at the time that the funding was going to boost its presence beyond the dozen markets it focuses on in arenas as far-flung as Latin America and Europe. The strategic intent was disclosed by de Geer in an interview with TechCrunch. He told the site that eastern and central Europe remain targeted markets. The funding round was spearheaded by Dawn Capital, which had invested in iZettle in the past — and new investor included the Fourth Swedish National Pension Fund, among other investors that were not named. Addressing the latest funding news, de Geer said that “what you see right now is a proof point that the company is doing exceptionally well. In the last couple of months, we’ve had significant growth that led to taking the decision to accelerate the business.”