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Mobile Payments Processing Options – iZettle Vs Square

iZettle’s, a Swedish mobile payments startup, could be Europe’s answer to US mobile payments company Square.

iZettle’s Growth Strategy

iZettle was founded in 2010. Today, it is one of the fastest-developing tech startups in Europe. The company is among a group of growing financial technology or fintech businesses taking on traditional banks. iZettle offers small business owners and individuals to take payments via mini credit card readers: the readers are developed to turn smartphones or tablets into cash registers.

The growth strategy applied by iZettle helps the company grow with rapid advances. In 2015, iZettle had an 81% increase in revenue. In the same year, the company enlarged its market to include also France as a new market segment and introduced its new products – iZettle Advance. The latter is a loan service designed for small businesses.

iZettle Chief Marketing Officer Johan Bendz says that everything is developing due to their plans. They focus on growing and investing to expand their product offering and customer acquisition. Bendz further notes, the company is raising revenue twice as fast as costs.

Payment processing services are on the rise. Merchants looking for the best business funding options should turn only to a reliable processor like First American Merchant (FAM)., a reputable high risk merchant account provider, offers exceptional business funding opportunities, including its popular Business Cash Advance Loan.

Square Vs. iZettle

iZettle’s 2015 revenue made up 345 million Swedish crowns or 40 million dollars, against its 2014 revenue, which was 190 million crowns. The operating loss went a bit higher in 2015, reaching 258 million crowns, against 228 million crowns in 2014.

The company has 75 employees and offers its products in 12 markets throughout  Europe and Latin America. iZettle has raised 140 million euros or 155 million dollars of funding so far from investors such as Intel Capital  INTC, American Express, Index Ventures, Northzone, and Banco Santander.

Its competitor Square Inc. also offers its customers a credit card reader. It provides solutions, including both payments and point-of-sale (POS) services and delivers financial and marketing services as well. Square offers a free software app with its hardware to turn a mobile device into a powerful POS solution just in minutes.

In 2015, the company raised its revenue by almost 50% to $1.3 billion. It went public in 2015 and is trading flat to its IPO price. It had a quarterly loss in May after costs increased. The company is run by Twitter Chief Executive Jack Dorsey.