SumUp, a UK-based card reader and payments company, is exploring an initial public offering that could value the firm between $10 billion and $15 billion, according to reports. The company is weighing listings in either New York or London, with the latter seen as a potential boost for the London Stock Exchange after years of limited IPO activity.
SumUp has held discussions with investment banks and is targeting a public debut within the next year. The company intends to use proceeds to acquire competitors, reflecting its view that the European payments market is entering a phase of consolidation. This comes after Reuters reported last year that SumUp was working with Goldman Sachs on a secondary share sale at a $9 billion valuation.
In 2024, SumUp secured a $1.6 billion private credit package to strengthen its balance sheet and support acquisitions. At the time, Chief Financial Officer Hermione Tomic said the financing would allow the company to “refinance existing debt, as well as have firepower to take advantage of any opportunities that arise over the next six months.” The IPO plans coincide with heightened investor focus on the UK fintechs, with firms such as Starling and Revolut pursuing new fundraising rounds. The move also follows a surge of U.S. listings, where companies including Klarna, Gemini, and Figure Technology Solutions recently raised billions and saw strong first-day gains.
