iZettle’s growth plan continues apace with 60 percent leap in revenues

iZettle, one of Europe’s fastest growing companies, increased revenues by 60 percent 2016.

The financial technology company reported 2016 revenues of SEK 643 million against SEK 402 million the previous year. The loss decreased by 23 percent to SEK 228 million.

Jacob de Geer, CEO and co-founder of iZettle says “Last year was a great year for us, with revenues increasing twice as fast as costs for the second year in a row. Throughout the year we’ve remained focused on growth, investing in customer acquisition and expanding our product portfolio. I’m pleased to show such strong evidence of scalable growth.”

The Swedish company revolutionized mobile payments in 2011, introducing a new way for small businesses to take payments using mini chip card readers that turn smartphones into cash registers. Since then the company has moved beyond payments to become a ‘one-stop-shop’ for commerce, offering small businesses tools to take payments, register and track sales and to get funding. Today, iZettle is present in 12 markets in Europe and Latin America and 1000 small businesses join the service everyday. Biggest markets are the UK, Brazil and Sweden.

During 2016, the company acquired the UK’s leading cloud based point-of-sale system IntelligentPOS and has since launched the service in eight additional countries in Europe and Latin America. iZettle has also expanded its financing service iZettle Advance, which is now available in seven countries. In addition the company recently launched an invoicing service.

Jacob de Geer continues “We see a huge market potential as tens of millions of small businesses are still being underserved by traditional financial players. Going forward our focus continues to be building a world class company and preparing the company 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. The company has also appointed two new board members: Måns Hultman, investor and previous CEO and chairman of Nasdaq listed QlikTech, and Sonat Burman-Olsson, president and CEO of Coop Sweden with many years of experience from publicly listed retail and finance companies.