UK card reader company SumUp has reportedly engaged investment bankers to gauge interest for a potential IPO that could value the firm at £15 billion.
SumUp, which provides card readers and banking services for small businesses, last raised €590 million in 2022, achieving an €8 billion valuation led by Bain Capital. Founded in 2012, the company has expanded its focus from payments to include business accounts, cards, and software for four million small merchants across 36 markets.
The firm states that its diversification into banking has laid a solid foundation for growth, with over one million customers now using the SumUp Business Account, reflecting strong multi-product adoption across its range of services.
In November, SumUp indicated that it was in “no hurry” to go public, having surpassed one billion transactions annually. The company clarified that while an IPO is a possibility, it is not a short-term consideration, as it believes it can continue to grow profitably on its current path.
The renewed interest in an IPO comes as investor appetite for fintech stocks rises, highlighted by recent public listings from companies like Klarna, Circle, and Figure.
For SumUp, going public could provide funding for future mergers and acquisitions as the fintech sector consolidates amidst a challenging market for venture capital funding. The decision regarding whether to list in London or New York remains undecided.