Swedish fintech platform iZettle announced on Tuesday its plan to proceed with an initial public offering (IPO) or and to list its shares on Nasdaq Stockholm. Founded in Stockholm in 2010, iZettle reported its a mission to help small businesses succeed by revolutionizing mobile payments with a mini cheap card reader and software for mobile devices. The company also offers a commerce platform for small businesses in Europe and Latin America, which provides tools to get paid, sell smart, and grow businesses.
iZettle reported that its shareholders and Board of Directors believe that it is now an appropriate time to broaden the shareholder base and list iZettle’s shares on Nasdaq Stockholm. The IPO is expected to support the Company’s future growth and operational strategy and provide the Company with improved access to capital markets and a diversified base of new Swedish and international shareholders. The company revealed that the listing committee of Nasdaq Stockholm has approved the Company’s shares for listing, subject to customary conditions. Depending on market conditions, the IPO is expected to be completed in 2018.
While sharing more details about the IPO and Nasdaq plans, Jacob de Geer, CEO and co-founder of iZettle, comments:
“Ever since first revolutionising mobile payments in 2011 through its first card reader, iZettle has shown rapid and sustainable growth and moved beyond payments to offer a leading commerce platform tailored to small businesses in Europe and Latin America. Small businesses face many of the same challenges as big businesses – finding customers, marketing their products and services, efficiently running their businesses and getting access to finance – but have long been underserved since the solutions available have been both timeconsuming and expensive. iZettle offers small businesses affordable and hassle-free tools to help them get paid, sell smarter and grow their businesses. We are still in an extensive expansion phase and are in a unique position to make a difference for millions of small businesses in the markets that we serve. 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. We look forward to embarking on the next stage of our journey together with existing and new shareholders in iZettle.”
Magnus Nilsson, Chairman of iZettle’s Board of Directors and Co-Founder, added:
“Having so far been under private ownership and primarily financed by private capital raisings, our shareholders and Board of Directors believe that now is a suitable time to broaden our shareholder base and list our shares on Nasdaq Stockholm. We are very proud of what iZettle has accomplished since its inception and how we day after day manage to help small businesses succeed. As Chairman, I am particularly impressed by the dedication and talent of the people we manage to attract and the challenges we solve. For us, as founders, this is yet another milestone in our journey. Together, we now take the next important step on iZettle’s exciting path forward. We are well positioned to continue our growth journey and the contemplated IPO will offer new shareholders an opportunity to participate in iZettle’s success.”