SumUp is weighing up an initial public offering that would value the fintech between $10bn and $15bn.
According to people familiar with the matter cited by the Financial Times, the London-based company has been in discussions with investment banks with a view to float in the next year in London or New York. One of the people said SumUp’s founders would remain the largest shareholders.
Founded in 2012, SumUp provides physical card readers for small and medium-sized businesses (SMBs) and has over 4m customers.
In 2022, the company had sought a valuation of more than €20bn but a wider market downturn made that unfeasible. SumUp was ultimately valued at €8bn that year, after raising a €590m funding round.
The payments company is now seeking to raise cash to buy up competitors. A person familiar with the company’s thinking, cited by the FT said SumUp, said the European payment processing market is ripe for consolidation.
SumUp declined to comment to the FT. Sifted approached SumUp for comment.
The news follows a recent spate of interest in UK and European fintechs among investors. Last week, Swedish buy now pay later fintech Klarna went public on the New York Stock Exchange.
In the same week, the Financial Times reported Starling Bank is also gearing up for a secondary share sale that would value the fintech as much as £4bn.
