Small business payments fintech SumUp is reportedly lining up investment banks ahead of a long-awaited IPO in London, marking a potential win for the UK’s public markets.
According to people familiar with the matter cited by Bloomberg, the London-based company plans to hire Deutsche Bank, Goldman Sachs, Jefferies and JPMorgan to work on the first-time share sale, with STJ Advisers acting as financial adviser.
The IPO would value the point-of-sale terminal provider between $10bn and $15bn, the report said.
SumUp’s leadership would prefer to list in London, the people told Bloomberg, but that could yet change. Previous reports revealed firms advising the company recommended a European exchange rather than the US due to its smaller presence across the Atlantic.
If London is chosen, SumUp would buck the trend of European scaleups such as payments fintech Wise and Swedish buy now pay later giant Klarna sidelining home markets in favour of the US.
Personal finance superapp Revolut could also potentially subvert the pattern as it was reportedly weighing a dual listing in both London and New York in September last year.
Sifted approached SumUp for comment.
