UK card reader SumUp has reportedly called in investment bankers to measure demand for a potential IPO that could value it at £15 billion.
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SumUp, which makes card readers for small businesses and also offers banking and invoicing services, last raised €590m in 2022 at an €8bn valuation led by Bain Capital.
Founded in 2012, SumUp’s business has evolved from a focus on payments to incorporate business accounts, cards, and software for four million small merchants in 36 markets.
The company says the diversification into banking is providing a strong foundation for continued growth as it now claims over one million customers for its SumUp Business Account, signifying multi-product adoption across its suite of merchant services.
In November, the firm remarked that it was in “no hurry” to go public as it surpasses one billion transactions per year. At the time, the company stated: “Although SumUp is often discussed in the context of a potential IPO, the company emphasises that an initial public offering is not considered in the short term. While an IPO remains a possibility, the company is in no hurry, confident that its growth and profitability can be achieved on its current trajectory.”
The revival of interest in an IPO come amidst a growing investor appetite for fintech stocks, as witenssed by recent public listings by Klarna, Circle, and Figure.
For SumUp, a flotation would provide a warchest for future mergers and acqisitions activity, as the fintech sector undergoes a consolidation phase in the face a downbeat market for VC funding.
Whether the London-based firm would float in London or New York remains up for debate.
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