SumUp, a card reader based in the UK, is now looking into an Initial Public Offering (IPO) that could potentially value its company at between $10 billion and $15 billion.

This proposed stock market listing might provide some much-needed momentum to the London Stock Exchange, which has seen lower valuations over the past few years compared to the U.S. SumUp is currently considering an IPO in either London or New York, according to insiders familiar with the company’s plans.

The potential UK IPO coincides with a period of interest among investors for UK fintech companies. Starling Bank is preparing for a secondary share sale that could value it at £4 billion, while Revolut is in discussions with investment firm Coatue regarding a new fundraising round.

Details about the Potential IPO

SumUp aims to raise capital and acquire competitors, driven by the readiness of the payment processing market for consolidation, particularly in Europe. In 2022, SumUp raised €590 million in a funding round led by private equity firm Bain Capital, which targeted a valuation of €20 billion. In 2024, the company was working with Goldman Sachs on a secondary share sale that it hoped would value the business at $9 billion, according to Reuters.

A UK IPO could offer a boost to the London Stock Exchange following three years of lower valuations compared to the U.S., which has led some UK companies like Wise to relist in the U.S. Meanwhile, other fintech firms such as Klarna have already listed on the New York Stock Exchange.

In 2024, SumUp targeted €160 million in earnings before interest, tax, and depreciation and amortization (EBITDA). Founded in 2012, SumUp has been providing card readers for small to medium-sized enterprises (SMEs) and has millions of customers across 36 countries. The company also offers business accounts and invoicing solutions.