Powa Technologies, a UK firm that enables small businesses to process payments via smartphone, is looking at an initial public offering, either in the US or UK, in 2013.

The company, which offers a card reader that businesses attach to their mobile devices in order to accept payments, says the listing could happen in either the first or second quarter of next year, according to Bloomberg.

Powa, which is 100 percent owned by founder Dan Wagner, has not disclosed how much it hopes to raise through the possible IPO.

Wagner did say sales will grow to more than US$20 million next year, a dramatic increase from the US$300,000 in 2011. The business is already profitable, he says.

It signed its first “multi-million dollar” deal with First National Bank in South Africa and is in talks with other leading banks, says Wagner.

The market for card readers is already crowded in the US where they are rapidly becoming a commodity product. Less so in Europe, which gives Powa a better chance to establish a strong position although Sweden’s iZettle is a major rival.

US market leader Square has yet to launch outside the US although such a move has been mooted for some time.