Sweden cheers amazing growth of local tech firm

Swedish portable payment company iZettle is the second fastest growing tech company in Europe, the Middle East and Africa, according to a ranking by global consulting firm Deloitte.

Sweden cheers amazing growth of local tech firm
A payment made using iZettle and an iPad. Photo: Jonas Ekströmer/TT

iZettle, which launched in Stockholm just five years ago, developed the first credit card chip-reader that connects directly to mobile phones and tablets. The product was designed to help tech-savvy small businesses avoid the cost of till-based systems provided by banks.

The Swedish company has grown by a massive 30,114 percent over the last four years, according to Deloitte.

The list was topped by Catawiki, a growing online auction house based in the Netherlands, which saw its turnover increasing by 45,000 percent.

“Achieving a position in the EMEA Fast 500 is always an impressive feat but the rates of growth for this year are particularly inspiring,” said David Cobb, partner-in-charge of the Deloitte Technology Fast 500TM EMEA programme in a press statement.

“These results highlight the strength and determination of the Technology sector across this region with a clear indication of some of our business leaders of the future.”

Swedish Software companies Kaustik AB and Inteleon AB also reached the top 50 on the list, with a total of 37 of the full list of 500 companies in the ranking coming from the Nordic nation. This made Sweden the fifth best represented country.

However, France dominated the rankings with the most entries, for the sixth year in a row, while Israel celebrated having two entries in the top five. Four entries in the top 10 came from the UK.