London-based fintech SumUp, known for its card-reader terminals used by small merchants, has started selecting investment banks for its IPO, which could value the company at more than $10bn, according to Bloomberg sources cited by Les Échos. The group is now leaning towards a London listing — a boost for a City that has suffered an IPO drought — although Amsterdam and Frankfurt are also in the race, and a US listing (once considered) appears to have been ruled out on the grounds that SumUp's commercial footprint in America is too small. Deutsche Bank, Goldman Sachs, Jefferies and JP Morgan are expected to work on the transaction, with British advisory firm STJ Advisors LLP acting as independent financial adviser. Founded in London in 2012, SumUp now operates in 37 countries and claims more than 4 million merchants. In December it announced it had reached €1 billion of deposits on its pro accounts (1.5 million active users). It is expanding its product suite — cash deposit at point of sale launched in Italy, Spain and France in late 2025, and local IBANs rolling out in Italy in 2026 and France thereafter — and is evaluating whether to apply for a full banking licence (it currently operates under an electronic money institution licence). The group also plans to move beyond pure B2B by targeting consumers via cashback and loyalty programmes through its merchant network. Source: Les Échos, 15 April 2026 — Tifenn Clinkemaillié.