iZettle, one of Europe’s fastest growing companies, increased revenue by more than 50 percent in 2017.
The financial technology company reported 2017 gross revenue of SEK 966 million compared to SEK 641 million the previous year, a growth of 51 percent. Operating expenses continued to rise at a slower pace than revenue, resulting in an improvement in operating margin by 14 percentage points to -24 percent, continuing a positive trend since 2013. Operating loss for 2017 amounted to SEK 228 million, an improvement from SEK 244 million the previous year.
Jacob de Geer, CEO and co-founder of iZettle says “I’m thrilled to show such strong evidence of the attractiveness of our offering and scalability of our business model. We increased revenue by more than 50 percent, which we’ve done every year since start, proving that our strategy to provide a commerce platform for small businesses pays off. Our high growth rate is a result of many new users signing up to our platform every day as well as improved user engagement. Today, our merchants use many of the tools we offer, payments being just one of them.”
Revolutionising mobile payments in 2011, iZettle introduced 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 offer a commerce platform for small businesses in twelve markets across Europe and Latin America – providing tools to help them get paid, sell smarter and grow.
iZettle recently made a strategic move with the launch of its new E-commerce platform, which lets small business owners easily set up and customise a brand new webshop or start selling across multiple channels online, including social media, blogs and existing websites. Bridging the gap between offline and online, iZettle’s integrated e-commerce platform keeps track of all sales and inventory in one place.
Jacob de Geer continues “We stay committed to our mission to help small businesses succeed in a world of giants. Moving forward, I see great market potential as there are 28 million small businesses in our markets – many of which are tired of being underserved by traditional financial players and are starting to realise how iZettle can help level the playing field for them.”