Johan Jeppsson | Bloomberg via Getty Images
Jacob de Geer, co-founder along with chief executive officer of iZettle.
Swedish payments start-up iZettle said Wednesday the item had raised 40 million euros ($47 million) in funding to boost its growth strategy.
The modest business commerce platform lists Jack Dorsey’s Square among its competitors along with currently operates in 12 markets across Europe along with Latin America.
The funding round was led by early stage venture capital investor Dawn along with Swedish government agency The Fourth Swedish National Pension Fund, with backing through existing investors.
With the addition of the extra capital, iZettle has raised a total of about $314.8 million, data through research firm Crunchbase indicates.
Jacob de Geer, co-founder along with chief executive of iZettle, said the start-up was preparing for a potential initial public offering (IPO) in 2018 yet that will “anything can happen” over the next year.
“There have been a lot of discussions along with rumors related to an IPO for iZettle,” de Geer said in an interview with CNBC Tuesday. “I think we remain very true to what we have said all along, which can be that will we are preparing the company for potentially going public sometime during 2018. yet that will’s surrounded by so many ifs along with buts, market conditions along with so-forth. So I guess time will tell.”
While de Geer didn’t comment on the current valuation of the firm, a report by the Financial Times in 2015 valued the company at $500 million.
Founded in 2011, iZettle has morphed through a mobile payments business into a company that will provides tools for firms to take payments along with register along with analyze sales. Last year, the item introduced its own modest business lending service called Advance.
Though the item can be a rival to fresh York stock exchange-listed Square, de Geer said iZettle only crosses Dorsey’s firm in one market — the U.K.
“If you look at the competition within our key markets, the only market where we have Square available can be actually the U.K. yet we have a very solid market leadership.”