SumUp, a UK-based payments fintech, is preparing for a London IPO with support from top banks including Deutsche Bank, Goldman Sachs, Jefferies, and JPMorgan, according to Bloomberg sources. The move signals confidence in the UK’s public markets and could value the point-of-sale terminal provider between $10bn and $15bn. The company’s leadership prefers a London listing but remains open to other European exchanges, citing a smaller U.S. footprint as a key factor.

The IPO advisory team includes STJ Advisers, which previously recommended a European listing over U.S. markets for similar firms. This contrasts with trends seen in competitors like Wise and Klarna, which prioritized U.S. listings despite European roots. Meanwhile, Revolut’s rumored dual listing in London and New York highlights the strategic balancing act for global fintechs. SumUp’s decision reflects broader industry shifts toward hybrid market strategies.

Choosing London could position SumUp as a bellwether for European tech IPOs, particularly in fintech. London’s regulatory environment and investor base offer advantages for smaller-scale listings, though the city has seen reduced IPO activity compared to the U.S. in recent years. The deal’s success may hinge on SumUp’s ability to attract institutional investors amid competitive valuations.

Why it matters: A London listing would underscore the UK’s role as a fintech hub, countering narratives of decline. For investors, the IPO’s valuation range suggests cautious optimism about SumUp’s growth trajectory. Analysts will watch closely to see if the move sparks renewed interest in European tech exits.