Sweden's iZettle to list on Nasdaq Stockholm

STOCKHOLM (Reuters) – Fast-growing financial technology company iZettle said on Tuesday it planned to list on the Nasdaq Stockholm stock exchange this year, making it one of the biggest European fintech companies to list so far.

An entrance of the iZettle company is pictured in the headquarters in Stockholm, Sweden, August 12, 2016. REUTERS/Violette Goarant

The company plans to list during 2018 “depending on market conditions”, said the mobile payments firm and operator of e-commerce platforms for small businesses in Europe and Latin America, adding that its listing application had been approved by the Nasdaq Stockholm stock exchange.

The fintech firm planned to raise around 2 billion crowns ($226.17 million) in the initial public offering.

“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.

The Sweden-based company has set an annual net revenue growth target of at least 40 percent in the medium term and positive consolidated EBITDA by end-2020. In the long term, it has set a goal for a consolidated EBITDA net margin of 30-35 percent, the firm added.

The company’s revenue surged to 966 million crowns last year from 641 million crowns in 2016, while the operating loss narrowed to 228 million crowns from 244 million in the previous year.

Established in 2010, iZettle is known for offering small businesses and individuals a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers.

Reporting by Helena Soderpalm and Olof Swahnberg, Editing by Sherry Jacob-Phillips

Carol Humphreys