Card reader company reportedly considering IPO

SumUp is aiming to raise money to acquire competitors, and the company sees the payment processing market as primed for consolidation, especially in Europe

SumUp, a UK-based card reader company, is reportedly considering a stock market listing and initial public offering (IPO).

The company is mulling an IPO that could value the company at $10 billion to $15 billion, the Financial Times (FT) reported Monday, citing unnamed sources.

SumUp is looking at the New York and London stock exchanges, and a London listing could provide a rare victory for that exchange amid a flurry of IPOs on the US markets, the report said.

SumUp has been in talks with investment banks about its plans and is targeting a listing in the next year, per the report. SumUp is aiming to raise money to acquire competitors, and the company sees the payment processing market as primed for consolidation, especially in Europe.

In 2024, SumUp received a $1.6 billion private credit package. Chief Financial Officer Hermione Tomic said at the time that the funding would let the company “refinance existing debt, as well as have firepower to take advantage of any opportunities that arise over the next six months.”

SumUp’s IPO plans are happening as investor interest in U.K. companies is increasing, the FT report said. For instance, Starling is preparing for a secondary share sale that could value the company at £4 billion (around $5.4 billion), while Revolut is in discussions with investment firm Coatue over a new funding round.

Assuming SumUp does choose to list in the U.K., it would mark a victory for the London Stock Exchange following a three-year IPO drought, as lower valuations have led U.K. companies to either go public in the U.S. or move their listings, according to the report.