Zwipe‘s Board of Directors has decided to seek a listing for the company on Nasdaq Stockholm’s First North Growth Market, the company has announced.
The news arrives alongside Zwipe’s interim report for January through June of 2019, in which the company listed revenues of about TNOK 348, reflecting the “pre-commercial stage” of its biometric payment cards business; and a net loss (after tax) of TNOK 36,329 “as the company invests in strategic capabilities.”
The numbers belie Zwipe’s great expectations with respect to biometric payment cards. Numerous financial services firms – not to mention other biometrics players – are involved in the development of fingerprint-scanning payment cards, and mass commercial rollouts of these cards are expected to begin over the coming year.
It was excitement in this area that led Zwipe’s Board to decide to seek a listing on the Nasdaq First North, which was slated to transition to the European Union’s “SME Growth Market” status on September 1st of this year. As Zwipe CEO André Løvestam explained in a statement announcing the move, “the past several months has seen major stakeholders in the emerging biometric payment market invest in preparations for commercialization of biometric payment cards and accompanying offerings,” an expression of confidence that “has enabled several new strategic opportunities for Zwipe that are currently being pursued.”
This was the basis for the Board’s decision, Løvestam explained, adding that “listing on Nasdaq First North Growth Market will take the company closer to the majority of its investors and open up a larger and more dynamic trading market for its shares.”
As for the timing of this listing, that has yet to be determined, with Zwipe’s Board currently evaluating its options.
September 6, 2019 – by Alex Perala