iZettle aims to grow staff in Edinburgh after PayPal deal

Swedish-based payments firm iZettle is looking to push staff numbers in Edinburgh over the 100 mark as it progresses its integration with global giant PayPal.

iZettle co-founders Magnus Nilsson (left) and Jacob de Geer. Picture: Linus Sundahl-Djerf.

In 2016, the group snapped up Edinburgh-based Intelligentpos (Ipos), with the combined organisation subsequently moving into high-end offices in Edinburgh’s Westport.

The base is set to grow its headcount from 80 by 15, and is hoping for the total to exceed 100 by this time next year, iZettle co-founder and executive chairman Magnus Nilsson told Scotland on Sunday.

He was in Scotland last week to speak at Turing Fest, and said a “second wave” of recruitment is under way as it actively seeks high-skilled staff in areas such as tech and product design to boost the ranks at the office that serves Europe and Latin America. “We’re quite excited about what we’ve managed to do with the addition of people that we’ve had here [in Edinburgh].”

Ipos’ integrated offering is now known as iZettle Pro for Hospitality, with the new hires set to support the growth of the product that was built in Edinburgh, while firms in Scotland to use iZettle include capital-based stationery firm Paper Tiger.

The expansion comes as the business looks to increase its focus on the likes of machine learning and artificial intelligence to help its merchants thrive, for example enabling them to boost stock in anticipation of good weather.

Additionally, Nilsson said iZettle’s brand has been boosted by its $2.2 billion (£1.8bn) takeover by PayPal that was announced in May 2018 and received the final green light from the Competition and Markets Authority in June of this year.

While he described the wait as “unexpected and long”, he added: “We think there will be a very meaningful increase in our business based on being part of the PayPal organisation.”

iZettle had been “very set on” a stock market flotation, but felt that PayPal offered strong opportunity to develop its products and tap into the Californian giant’s 21 million or so active merchants using the PayPal system to take payments.

Nilsson acknowledged that while the market in which iZettle operates is very competitive – with other players including Square and Worldpay – he stated that the firm is making good progress, is prepared for “whatever may come” regarding Brexit to ensure continued service delivery – and is investing heavily to retain its market-leading position in the UK.

He and co-founder Jacob de Geer are “still addicted to growth”, and looking ahead to the middle of next year, “I would be very surprised if [iZettle hasn’t] taken a few very positive steps”.