FT Start-Up Stories iZettle: beating the incumbents
Jun 11, 2018
Jacob de Geer, Founder and CEO of iZettle, shares his journey from identifying a market gap to revolutionizing payments for small businesses. He discusses the challenges of disrupting a conservative industry and how initial skepticism fueled his persistence. With no financial background, he capitalized on a cashless opportunity unveiled through his ex-wife’s experiences. Jacob highlights the importance of product-market fit, innovative marketing tactics, and the role of luck in iZettle's rapid expansion across markets like Mexico and Brazil.
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Origin Story From A Trade Fair
- Jacob's ex-wife couldn't accept card payments at trade fairs and lost many customers.
- That frustration sparked the idea to build a cheap, accessible card‑payment solution for small sellers.
The Huge Underserved Small‑Business Market
- Small businesses (1–10 employees) make up ~96% of companies and represent 20–30% of the economy.
- Yet they remain severely underserved by financial services and payments providers.
Use Fresh Eyes And Timing To Win
- Use naivety and fresh perspectives to challenge entrenched industries because knowledge of obstacles can deter action.
- Accept that luck and timing are large factors and focus on seizing opportunities when they appear.