SumUp in ‘no hurry’ for IPO after surpassing one billion transactions per annum

Editorial

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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.

The firm, which last raised €285 million in December last year, has ofteen been quoted as a potential IPO candidate, but maintains it still has room for expansion as a private company.

In a statementt, the company remarks: “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.”

Rumours abound that the firm is planning an employee share sale to investors that would value the business at more thanits current valuation of €8 billion.

It would be the latest UK fintech to pursue a share sale after Revolut, which secured a $45 billion valuation in a share sale in August.