April 26, 2018 / 6:03 AM / 6 months ago

Sweden's iZettle 2017 loss narrows ahead of potential IPO

STOCKHOLM, April 26 (Reuters) - Mobile payment solutions firm iZettle said on Thursday its loss narrowed last year while revenue grew sharply, as the company prepares for a potential listing.

The operator of commerce platforms for small businesses in Europe and Latin America, reported a 51 percent rise in revenue and said operating expenses were rising at a slower pace than revenue.

iZettle could be the next Swedish tech start-up to list its shares after music streaming Spotify’s listing in April. It has said it is preparing for a potential listing, but if and when that happens depends on market conditions.

The company offers small businesses a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers and also offers invoicing and financing services.

“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,” co-founder and Chief Executive Jacob de Geer said in a statement.

Last year’s revenue rose to 966 million crowns ($113.0 million) from 641 million crowns in 2016, while the operating loss narrowed to 228 million crowns from 244 million in the previous year.

The fast-growing company aims for a valuation of at least 10 billion crowns when it lists before the summer, business daily Dagens Industri said earlier this month on its tech site Di Digital, citing sources. ($1 = 8.5462 Swedish crowns) (Reporting by Helena Soderpalm and Olof Swahnberg)

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