Swedish financial technology company iZettle has been part of the Zobito portfolio since 2012. Already in 2016, the company was seeing revenues increasing twice as fast as costs. By remaining focused on growth, investing in customer acquisition and expanding their product portfolio, 2017 closes on another positive note. Additionally, iZettle has just raised $47M in Series E funding from Sweden’s AP4 and early stage venture capital firm Dawn Capital to expand its mPOS business. “iZettle is currently in an extensive expansion phase and is in an unique position to make a difference for millions of small businesses,” Jacob de Geer, co-founder and CEO of iZettle. “Through today’s announcement, we’re able to allocate additional resources in order to accelerate our ambitious growth plan and product innovation. I’m proud to welcome such renowned, long-term investors to the iZettle family.”
As board member, Zobito’s Måns Hultman commented that much of iZettle’s momentum comes from an increased awareness of the importance of focus. While the strategy previous years has been to enter as many markets as possible, the strategy now is to reach maximum penetration in established regions, thus leveraging previous investments in market and organization. Focus for 2018 is continuous growth with a clear vision to reach breakeven.