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Europe’s biggest fintech IPO is looming after Swedish fintech start-up iZettle announced plans to join the Nasdaq Stockholm stock exchange later this year. The company is seeking to raise SEK2 billion (€1.9 million) by selling new and existing shares.

The Swedish company is planning to increase revenues by 40% a year and turn profitable by 2020.

“Until now our focus has been growth, growth and growth. During the coming years that is still our ambition,” said co-founder and Chief Executive Jacob de Geer.

iZettle promises to democratise financial services by enabling small businesses that are usually overlooked by big players. De Geer told reporters that thanks to his company’s services, “All of a sudden, we can deliver services to a small business with two employees that gives them all the analytic tools that a McDonald’s or H&M has,”

Founded in 2010, iZettle offers micro-businesses and individuals payment technology using mini credit card readers that turn mobile phones or tablets into fully-fledges cash registers.

Payment service providers such as Mastercard, American Express and Santander, have invested in iZettle, whose main markets are Europe and Latin America. It’s main rival, Square, listed on New York’s Nasdaq, currently concentrates on the US market but the two companies compete directly in the UK.

Other European fintech companies are set for listing this year, with Dutch start-up Adyen and UK company Funding Circle also expected to launch IPOs.

Sources: Reuters, Financial Times