VC-backed iZettle gearing up for IPO

iZettle will aim to list on Nasdaq Stockholm, which has approved the listing subject to customary conditions. Depending on market conditions, the IPO is expected to be completed in 2018, the company said in a statement.

iZettle posted net revenues of SEK 776m in 2017 (growing by 52% year-on-year) and SEK 526m in gross profit. EBITDA, however, remained negative with a SEK 232m loss.

The card payment company stated the listing would enable it to broaden its shareholder base, having attracted a number of financing rounds from venture capital firms in recent years.

After iZettle's series-A round in October 2011, in which it raised €8.2m from Index Ventures and Creandum, the company collected €25m in a series-B funding round in June 2012, a €40m series-C in May 2014 (with a follow-on €5m investment in July 2014) and a €60m series-D in August 2015.

In August 2015, Zouk Capital and Intel Capital led the initial €60m series-D for the payment technology company, alongside existing investors. Participants in the round included Dawn Capital, Hasso Plattner Ventures, Greylock Partners, Index, Northzone, Creandum and Nordic financial services group SEB.

The company's series-D extension raised €60m in January 2017, and was led by Victory Capital. The extension included debt funding from US-based Victory Park Capital via its credit fund, VPC Speciality Lending. The debt component accounted for €45m of the total €60m. iZettle was understood to be valued at around $500m at the time.

In late 2017, Dawn led a seventh funding round for iZettle along with The Fourth Swedish National Pension Fund (AP4), amounting to €40m.

Founded in 2010 and headquartered in Stockholm, iZettle provides card payment machines linked to mobile devices, as well as payments infrastructure and technology for SMEs. The company operates across Europe, as well as in some South American countries.

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