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A Potential Landmark Listing
London-based payments company SumUp is preparing for a stock market listing that could value the firm at as much as $15 billion (£11.04bn). The move would represent one of the most significant offerings by a UK technology business in recent years and could provide a rare boost for the London Stock Exchange, which has struggled to attract major listings.
According to people familiar with the discussions, SumUp is in talks with investment banks and hopes to move ahead with an initial public offering (IPO) within the next year. While London remains on the table, the company is also considering New York, where valuations tend to be higher and investor appetite for technology firms stronger.
From Card Readers to Global Reach
Founded in 2012, SumUp began by providing card readers to small businesses, enabling independent merchants to accept payments easily. Over time, the company expanded its product suite, offering digital banking, invoicing services, and other tools designed to support entrepreneurs.
Today, SumUp reports serving more than four million customers across 36 countries. Its accessible technology and steady international growth have made it one of Europe’s most prominent payment providers.
Founders’ Control and Strategic Ambitions
Sources close to the process indicate that SumUp’s founders are expected to remain the largest shareholders after the listing. Maintaining significant control could help the leadership team pursue its long-term strategy without ceding influence to outside investors.
An IPO would not only give the company public visibility but also provide the capital needed for further expansion. Industry insiders suggest that proceeds from a listing would allow SumUp to acquire smaller competitors, at a time when the European payments sector is widely viewed as open for consolidation.
A Key Decision: London or New York
While the potential valuation has attracted attention, the choice of listing venue may prove just as consequential. London has faced growing concerns about its ability to attract fast-growing technology firms. Several high-profile companies have chosen to float in New York in recent years, where liquidity is deeper and valuations tend to be more generous.
For SumUp, a London listing would mark a rare win for the City and could help restore confidence in its markets. Yet a New York debut may offer the chance of a higher valuation and greater investor interest, a consideration that few fast-growing firms can ignore.
Financing History and Growth Path
SumUp last raised money in 2022, when Bain Capital led a funding round worth €590 million. That round valued the company at €8 billion. Since then, the firm has continued to expand its customer base and invest in its platform, positioning itself as a strong contender in the global payments space.
The leap to a potential $15 billion valuation would represent a significant endorsement of SumUp’s business model and its prospects for continued growth.
Implications for the London Stock Exchange
A SumUp listing in London could serve as a vote of confidence in the UK market at a time when policymakers are eager to attract and retain high-growth companies. A successful float could encourage other firms to consider London rather than looking abroad.
At the same time, if SumUp opts for New York, it may reinforce concerns that the UK is losing ground in the competition for listings in the technology and financial services sectors.
Consolidation on the Horizon
The payments industry has become increasingly competitive, with traditional banks, digital startups, and technology giants all vying for market share. Analysts suggest that consolidation is inevitable, and SumUp could use the funds from a public offering to play a central role in that process.
By acquiring rivals or complementary businesses, the company could strengthen its position across Europe and beyond. Such a strategy would align with its track record of broadening services to meet the needs of small businesses in a digital-first economy.
Watching Closely Across the Sector
The fintech sector will be monitoring SumUp’s next move with interest. With valuations, investor sentiment, and geopolitical considerations all at play, the decision could set an example for other European firms weighing similar options.
The coming months are likely to bring greater clarity as the company finalizes its plans with advisers. Whether SumUp chooses London or New York, the outcome will carry significance not just for its investors and customers but also for the future standing of financial markets competing to attract high-growth technology listings.
