UK payments group SumUp has announced that it is not rushing to go public, as it has recently surpassed one billion transactions annually.
The company has expanded its focus from just payments to include business accounts, cards, and software, now serving four million small merchants across 36 markets. This diversification into banking has laid a strong foundation for continued growth, as SumUp now boasts over one million customers for its SumUp Business Account, demonstrating broad adoption of its suite of merchant services.
Having last raised €285 million in December, SumUp has frequently been cited as a potential candidate for an IPO. However, the company asserts that it still sees ample opportunity for growth as a private entity. A recent statement from the firm emphasizes that while discussions around an initial public offering persist, it is not a priority in the short term. The company remains confident in achieving growth and profitability without the need for immediate public listing.
Additionally, there are speculations that SumUp may be planning an employee share sale, which could value the business at over its current €8 billion valuation. This move would follow recent trends in the UK fintech sector, with companies like Revolut recently attaining a $45 billion valuation through a share sale in August.