Santander-backed Ebury has reportedly appointed Goldman Sachs to lead its upcoming £2 billion IPO in London.
Speculation about an IPO for the UK cross-border payments platform has been circulating since March. The appointment of Goldman Sachs, first reported by the Financial Times, strengthens the prospects for the firm’s public offering, which is tentatively scheduled for Q1 2025.
Founded in 2009, Ebury serves over 50,000 clients, offering international payments, collections, risk management, and financing services. In 2019, Santander acquired a 50.1% majority stake in the company for £350 million, which has since been integrated into the Spanish bank’s PagoNxt payments platform.
Filings with Companies House indicate that Ebury generated £204 million in revenue for the 12 months ending April 30, 2023, with a transaction volume of £26 billion.
A listing on the London Stock Exchange would be a significant achievement for the UK market, which has faced challenges in attracting tech talent amidst competition from US markets. The Financial Conduct Authority recently announced plans to overhaul listing rules, introducing a simplified system with a single category and streamlined eligibility requirements for companies looking to list in the UK.
The last major payments firm to go public in the UK was CAB Payments last year; it is currently trading 64% below its initial share price.