Financial tech firm iZettle says it plans to list on the Nasdaq Stockholm stock exchange this year

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Swedish payment start-up iZettle announced it will go public this year.

The financial technology firm said Tuesday that it plans to raise 2 billion Swedish krona ($226 million) through an initial public offering on the Nasdaq in Stockholm.

The company provides mobile card readers and other digital payment products to small businesses. It is a rival to Square, the U.S. fintech firm led by Twitter CEO Jack Dorsey, but only competes directly with the $20 billion company in the U.K.

IZettle said in a statement that, “depending on market conditions,” the Stockholm listing is expected to be completed this year.

The company’s CEO Jacob de Geer has previously spoken of the company’s intention to go public, saying that it was surrounded by “ifs and buts, market conditions and so-forth.” Tuesday’s announcement solidifies that intention.

“We are still in an extensive expansion phase and are in a unique position to make a difference for millions of small businesses in the markets that we serve,” De Geer said in a statement on Tuesday.

“The IPO (initial public offering) will provide us with improved access to capital markets to facilitate our continued growth and help us strengthen our profile with merchants, key business partners and in the fierce competition for talent.”

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