UK-based card reader SumUp has started to explore an IPO listing that could value its business at USD 10 billion to USD 15 billion.
If the stock market listing is completed, this could offer the London Stock Exchange a boost after a period of downtime. However, the fintech is seeking an IPO in either London or New York, according to individuals familiar with the company’s plans.
A potential UK IPO comes as a wave of investors are interested in UK fintechs. According to the Financial Times. Starling is gearing up for a secondary share sale that could value it at GBP 4 billion, and Revolut is in talks with investment firm Coatue over a new fundraising round.
More about the potential IPO
The company aims to raise cash and buy up competitors. According to the Financial Times, the payment processing market is ready for consolidation, especially in Europe. In 2022, the fintech raised EUR 590 million in a funding round led by private equity group Bain Capital, generating a targeted valuation of EUR 20 billion. In 2024, SumUp was working with Goldman Sachs on a secondary share sale that it hoped would value the business at USD 9 billion, according to Reuters.
A UK IPO will offer the London Stock Exchange a boost after a period of three years of lower valuations compared with the US, which pushed UK companies to debut in the states or shift their IPOs. UK-based companies like Wise are in the process of relisting in the US, while fintechs like Klarna have listed on the New York Stock Exchange recently.
In 2024, SumUp targeted EUR 160 million in earnings before interest, tax, and depreciation and amortisation. The company was founded in 2012, making card readers for SMEs and having millions of customers in 36 countries, as well as delivering business accounts and invoicing solutions.
