UK-based payments group SumUp has achieved a significant milestone, processing over one billion transactions annually. Despite its success, the fintech giant remains in no rush to go public.
Initially focused on payments, SumUp has expanded its offerings to include business accounts, payment cards, and merchant software. The company now serves 4 million small businesses across 36 markets, with 1 million customers adopting its SumUp Business Account, a testament to the popularity of its diversified services.
Having raised €285 million in December 2023, SumUp has frequently been named as a potential IPO candidate. However, the company asserts that while an IPO remains a possibility, it is “not considered in the short term,” citing confidence in achieving growth and profitability as a private entity.
Market rumours suggest that SumUp is planning an employee share sale to external investors, potentially valuing the company at over €8 billion. If confirmed, this move would follow the path of fellow UK fintech Revolut, which secured a $45 billion valuation in a similar share sale earlier this year.