British card reader company SumUp is contemplating a stock market flotation that could see it valued at as much as $15bn (£11.04bn) – a development that might provide a much-needed boost for the London Stock Exchange, although the business is also mulling New York given reservations about the City's attractiveness.
The London-headquartered fintech, which manufactures card readers for small enterprises whilst also providing banking and invoicing solutions, is engaged in discussions with investment banks and aims to go public within the coming year, according to sources close to the matter, as reported by .
The company's founders are anticipated to retain their position as the largest stakeholders.
A public listing would enable SumUp to secure funding for acquiring competitors, with one source suggesting the European payments sector is "ripe for consolidation".
The business, established in 2012, currently supports over four million clients spanning 36 nations.
However, the matter of its listing destination remains unresolved.
London's exchange has faced challenges in securing major flotations, with reduced valuations relative to Wall Street prompting companies to seek opportunities elsewhere.
Wise, formerly among the City's premier fintech success stories, is currently transitioning its primary listing to New York, whilst Swedish buy-now-pay-later behemoth Klarna selected Wall Street for its IPO last week.
Klarna test for fintechs
Klarna's eagerly awaited market entry highlighted both the demand for fintech equities and the disparity between British and American markets. The company's stock experienced a 15 per cent surge on the New York Stock Exchange on Wednesday, finishing at $45.82 following a $222m fundraising that delivered a $15bn valuation.
This represented a robust debut, though it remained significantly below its 2021 pinnacle of $46bn.
Russ Mould, investment director at AJ Bell, highlighted Klarna's 'unusual' opening day performance, commenting: "Clearly some investors don't believe it is worth owning at the current price. Whether that's a straight valuation call or concerns about the business model and its prospects remains to be seen".
Market watchers indicated the IPO attracted more than 20 times the available subscription, signalling restored faith in fintech frameworks whilst also highlighting Wall Street's substantial liquidity reserves.
"It's clear to see the deep liquidity and investing appetite for US-listed tech stocks makes the º£½ÇÊÓƵ appear less appealing to up-and-coming companies by the day", remarked Lee Holmes, chief executive of broker INFINO.
London at risk
Chancellor Rachel Reeves has pledged to establish the º£½ÇÊÓƵ as the premier destination to "start up, scale up and list", yet apprehensions persist.
Technology M&A specialist Claire Trachet cautioned that Klarna's flotation "underlines the gulf between the US and º£½ÇÊÓƵ public markets", noting that without the City enhancing liquidity and expanding its investor foundation, it faces becoming "a market defined only by consolidation at the top rather than a healthy pipeline of new entrants". The latest statistics highlight the issue at hand.
Investment in º£½ÇÊÓƵ fintech dropped by five per cent year-on-year in the first half of 2025 to $7.2bn (£5.36bn), with experts cautioning that regions such as the UAE are becoming increasingly appealing for capital raising.
For SumUp, which last secured €590m in 2022 at an €8bn valuation led by Bain Capital, the choice between London or New York will be keenly observed throughout the fintech industry.
A listing in London could bolster confidence in the City. However, a debut in New York would exacerbate concerns that the º£½ÇÊÓƵ is losing its fintech supremacy.
