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18 days ago
Sweden's iZettle 2016 loss narrows as it prepares for listing
July 6, 2017 / 2:32 PM / 18 days ago

Sweden's iZettle 2016 loss narrows as it prepares for listing

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STOCKHOLM (Reuters) - Mobile payment solutions firm iZettle's said on Thursday its loss narrowed last year while revenue grew sharply as the company prepares for a potential listing.

One of Europe's fastest growing tech start-ups, iZettle reported a 60 percent rise in revenue and said it expected to continue to improve profitability in 2017.

The company offers small businesses a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers.

It also offers a financing service, 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," CEO Jacob de Geer said in a statement.

"Going forward our focus continues to be building a world class company and preparing the company for a potential IPO."

Last year's revenue rose to 643 million Swedish crowns ($75.6 million) from 402 million crowns in 2015, while the net loss narrowed to 228 million crowns from 295 million in the previous year.

The company is present in 12 markets in Europe and Latin America, and as it is licensed by Sweden's FSA it can do business across the European Union.

"When it is time for geographical expansion again, Europe is looking good," said Chief Marketing and Communications Officer Johan Bendz.

($1 = 8.5070 Swedish crowns)

Reporting by Daniel Dickson, editing by David Evans

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