Nand Kishor Contributor

Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc... ...

Full Bio 
Follow on

Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc...

3 Best Programming Languages For Internet of Things Development In 2018
915 days ago

Data science is the big draw in business schools
1088 days ago

7 Effective Methods for Fitting a Liner
1098 days ago

3 Thoughts on Why Deep Learning Works So Well
1098 days ago

3 million at risk from the rise of robots
1098 days ago

Top 10 Hot Artificial Intelligence (AI) Technologies
346869 views

2018 Data Science Interview Questions for Top Tech Companies
98682 views

Want to be a millionaire before you turn 25? Study artificial intelligence or machine learning
93429 views

Here's why so many data scientists are leaving their jobs
90666 views

Google announces scholarship program to train 1.3 lakh Indian developers in emerging technologies
70560 views

Payment terminal company iZettle is signing 1,000 new businesses a day

By Nand Kishor |Email | Jul 4, 2017 | 11088 Views

iZettle, the fast-growing Swedish payment terminal company, is signing 1,000 new businesses a day and seeing huge traction in the UK.

CEO and founder Jacob de Geer told Business Insider at the Money2020 conference last week: "We see our strongest growth in the UK, it's our biggest market."
iZettle founder and CEO Jacob de Geer. iZettle

iZettle makes a payment terminal that allows people to accept card payments using their smartphone or iPad. The company operates across 12 markets globally.

De Geer said: "If you look at growth, I think by now we take on roughly 1,000 small businesses per day, which I think is quite significant for a B2B [business-to-business] company, especially considering the restraints put on us by the regulator: having to adhere to know-your-customer directives, anti-money laundering regulation etc."

iZettle, founded in 2010, only has around 500 staff globally and de Geer says the company is able to onboard so many new customers thanks to investment in machine learning.

"Since day one, our core focus in terms of machine learning and AI went into onboarding," he said. "That has resulted in a process where we can automatically handle massive volumes of merchants across a multitude of markets wanting to take on our product."

De Geer added: "We've been iterating and developed out risk and onboarding platform over 7 years now. It's nothing that you just turn on or off. It's constant iteration with a lot of people involved."

Jack Dorsey, the cofounder of Twitter and rival payment terminal company Square, made a similar point about using AI for onboarding during his keynote speech at Money2020. Square recently launched in the UK, its first European market, but de Geer is unfazed by the competition.

"I think it will probably take them a while before they're fully up and running," he said. "Eventually, we'll definitely notice their presence. But this market is so big. 95% of all businesses are within our joint segment. So there's definitely room for more than one player."

iZettle's payment terminal. iZettle

De Geer is, however, worried about Brexit. He said: "We're equally worried about Brexit, as I would say most people in Britain are. I would say the problem for everybody, [is that] the consequences of Brexit are still up in the air. Nobody really knows what it will imply for the financial market. I would be surprised if you wouldn't try to limit the potential damage and outflow of everything from companies to capital. How that's going to be handled is beyond my knowledge."

iZettle's biggest priority at the moment is growth, both in existing markets it is in and potentially into new ones. De Geer said: "I think you will see expansion. The question is really when, whether it's this year or next. The most logical next place is somewhere in Europe where we can leverage our existing regulatory approvals. Europe is still heavily underserved from a small business perspective."




Source: Business Insider