Sweden’s mobile tech startup iZettle preparing for an IPO

With a market presence across the EU and Latin America, the tech startup has managed to significantly trim its losses and if its revenues continue on this trend, it is set to post a profit in this financial year.

On Thursday, mobile payment solutions company iZettle disclosed, with its revenue surging significantly this year and shrinking losses, it is preparing for a potential IPO in the near future.

One of EU fastest growing tech startups, the company has reported a 60% rise in revenues and expects the trend to continue through 2017.

iZettle allows companies to make payments using using mini credit card readers which turn mobile gadgets, including smartphones and tablets, into cash registers.

The company also offers financing services, including invoicing and mobile payments.

“We see a huge market potential as tens of millions of small businesses are still being under-served by traditional financial players,” said Jacob de Geer, iZettle’s CEO in a statement.

He went on to add, “Going forward our focus continues to be building a world class company and preparing the company for a potential IPO.”

Revenue from 2016 rose to $75.6 million (643 million Swedish crowns) from 402 million crowns in 2015, while its net loss narrowed to 228 million crowns from 295 million in the previous year.

The company has a presence across 12 markets spanning from Europe to Latin America. Since it is licensed by Sweden’s FSA it can do business across the EU.

“When it is time for geographical expansion again, Europe is looking good,” said Johan Bendz, the company’s Chief Marketing and Communications Officer.

($1 = 8.5070 Swedish crowns)

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