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London-based fintech company SumUp is considering an initial public offering that could value the business between $10 billion and $15 billion, according to sources familiar with the matter. The payment technology firm, best known for its card readers used by small and medium-sized enterprises, is weighing a listing on either the London Stock Exchange or the New York Stock Exchange.
SumUp’s founders are expected to remain the largest shareholders following the IPO, enabling them to maintain control over the company’s strategic direction. The firm aims to use proceeds from the offering partly to acquire competitors, positioning itself to capitalise on expected consolidation within the European payments market.
Founded in 2012, SumUp now serves more than four million customers across 36 countries, expanding its technology suite beyond card readers to include digital banking and invoicing solutions for entrepreneurs. The company last raised capital in 2022 with a €590 million funding round led by Bain Capital, which valued it at €8 billion.
The decision on whether to list in London or New York is significant. London’s market is seen as eager for a major tech listing after several high-profile companies have preferred U.S. exchanges for their IPOs, drawn by deeper liquidity and higher valuations. A successful float in London would mark a notable win for the City and could enhance the UK market’s attractiveness to fintech firms.
SumUp’s IPO plan arrives amid increasing investor interest in UK fintech firms, with peers like Starling Bank and Revolut also advancing fundraising initiatives. The company believes the payments sector is ripe for consolidation and seeks to be a central player in that process through strategic acquisitions funded by the IPO.
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