A Swedish payments start-up, iZettle announced today that it has raised $47 million in funding as a means to boost its own growth.
The relatively small business commerce platform was founded in 2011 as a mobile payments business. Since then, the company has managed to evolve into a respectable business, which counts New York stock exchange listed “Square” as its competitor.
Just last year, iZettle introduced its own small business lending service titled Advance. The company currently operates in 12 markets across Europe and Latin America.
The funding was led by an early stage venture capital investor called Dawn. Dawn was joined by the Swedish government agency, The Fourth Swedish National Pension Fund, in addition to backing from existing investors.
With the extra capital iZettle has managed to raise almost $314.8 million. Speaking of iZettle’s future iZettle’s co-founder and CEO, Jacob de Geer stated that “anything can happen” over the course of the next year.
In an interview with CNBC on Tuesday, he elaborated on his statement. He said, “There have been a lot of discussions and rumors related to an IPO for iZettle. I think we remain very true to what we have said all along, which is that we are preparing the company for potentially going public sometime during 2018”.
He added that while the company does hope to achieve this milestone within the upcoming year, it would have to respect the market conditions.
He admitted that only “time will tell” if iZettle will succeed in its ambitions.
Although iZettle is a relatively young company, it has already begun to play in the big leagues.
The company has even managed to overtake Dorsey’s firm, Square in the UK market.