Flatpay tripled revenue to EUR 39m in 2025 but widened its operating loss to EUR 70m

Flatpay's 2025 annual report, analysed on 19 August, shows revenue tripling from EUR 12m to EUR 39m while the operating loss widened from EUR 20m to EUR 70m and free cash outflow before financing reached EUR 94m. The Danish direct-sales terminal provider ended 2025 with more than 100,000 customers, guides to EUR 100-105m revenue in 2026 against a forecast loss of EUR 140-150m, and had 2,000 employees by June 2026.

It raised EUR 146m during 2025 at a EUR 1.5bn valuation plus a EUR 24m loan from Denmark's Export and Investment Fund. Germany is its largest foreign market at EUR 15m, ahead of Finland at EUR 6m and Italy at EUR 4m.

Flatpay is the clearest live test of whether a door-to-door sales machine can win European SME acceptance against SumUp and Zettle, and the numbers say the model works on growth and not yet on economics: each euro of new revenue in 2025 came with roughly EUR 1.80 of operating loss. That matters to every incumbent pricing small-merchant acceptance, because a competitor funded to lose EUR 150m a year sets the price floor in Germany, Finland and Italy for as long as its investors keep funding it.

Whether the 2026 loss lands inside the EUR 140-150m guide, whether the next funding round comes at or below the EUR 1.5bn mark, and whether German revenue growth holds once the sales headcount stops doubling.

• businessofpayments.com