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.
SumUp lines up IPO at over $10bn, London the favourite venue
— Summary
The story in one line: SumUp, the London-based card-reader fintech, has quietly mandated banks for a London IPO that could value the company at over $10bn, going against the recent trend of European fintechs (like Klarna) choosing Wall Street.
Key numbers
- Potential valuation: >$10 bn.
- Banks mandated: Deutsche Bank, Goldman Sachs, Jefferies, JP Morgan. Independent adviser: STJ Advisors LLP.
- Founded in London in 2012, present in 37 countries, over 4 million merchants.
- Pro deposits reached €1 bn in December, with 1.5 million active users.
- Currently operates under an electronic money institution licence; evaluating a full banking licence application.
Why it matters (jargon, explained)
- A fintech = a technology company offering financial services. SumUp sells card-reader terminals (“terminaux de paiement”) to small merchants, plus business accounts and related services.
- An IPO (initial public offering) = listing shares on a stock exchange for the first time.
- Electronic money institution licence = a lighter regulatory regime than a full bank licence. SumUp currently uses banking partners for services it can’t provide directly; a full bank licence would let it take and lend deposits independently — raising both the revenue ceiling and the capital burden.
- London as the chosen venue is a symbolic win for the City, which has lost large listings to New York repeatedly. Klarna’s choice of Wall Street set the opposite precedent.
Takeaway
A rare +$10bn tech IPO potentially landing in London. The strategic read: SumUp is shifting from pure payments into full SMB banking (deposits, local IBANs, possibly a bank licence) and even consumer-facing loyalty. Watch the venue confirmation and the licence decision — together they will reset how European fintechs think about listing.
Source: Les Échos, 15 April 2026 — Tifenn Clinkemaillié.