Financial technology company SumUp Payments Ltd. is inviting banks to pitch for roles on an initial public offering in Europe, according to people familiar with the matter. The payments firm, which had previously considered a US listing, is now focusing on European markets for its stock market debut. This move signals a strategic shift in SumUp's expansion plans as it seeks to capitalize on growing investor interest in fintech companies.

The decision to pursue a European IPO comes after SumUp evaluated multiple options for going public. The company has been expanding its payment processing services across the continent and has established itself as a significant player in the small business payments sector. By choosing a European listing, SumUp may be aiming to align its public market debut with its core customer base and operational footprint.

SumUp's IPO plans reflect the broader trend of fintech companies seeking public market exits to fuel further growth and expansion. The company's move to engage banks for the offering suggests it is moving forward with concrete plans, though timing and valuation details remain unclear. This development could mark a significant milestone for the payments industry as investors continue to show strong appetite for digital payment solutions.