FinTech payments in hands of Santander Ebury is reportedly planning to go public in the UK

The London-based company is working with investment bankers from Goldman Sachs on the planned $2.5 Billion Initial IPO (IPO), the Financial Times (FT) reported on Sunday (July 21), citing sources familiar with the matter.

The FT noted that Ebury’s decision to list in the UK is a “rare vote of confidence” for the London Stock Exchange amid a listing drought. Many companies have expressed interest in going public, but troubled markets and high interest rates have out investors.

The report also points to last year’s listing of competing FinTech companies. CAB paymentswhose shares fell by more than 70% after going public. At the same time, the FT added, Some FinTechs are choosing to list in New York, such as Klarna, which is reportedly preparing for a US IPO for next year.

Other companies are exercise more caution about mentioning, such as StubHubwhich have recently been IPO suspended.

In May, the CEO of Swedish FinTech said Confidential said there was no IPO yet on the company’s radar, Despite the company must have a strong financial position because it must first sell its business model to investors before it can consider an IPO.

“We still need a year or two to Real “Demonstrate to the market that open banking is happening, it is already here,” says CEO of Trustly Johan Tjarnberg said at the time.

However, a report from Goldman Sachs earlier this year suggested that 2024 could mark a turning point for the IPO market, with the IPO Issuance Barometer rising to its highest level in two years. in that time.

“We expect the US economy to continue growing“The nominal 2-year UST yield will decline modestly and valuations will remain relatively high relative to history,” Goldman Sachs strategists wrote. “If soft data improves to match hard economic data and the pricing of economic growth by equity investors, this could lead to a further increase in our IPO Issuance Barometer in the coming months.”

PYMNTS has reached out to Ebury for comment but has not yet received a response. The company’s services include cross-border payments, payroll transfers, currency risk management And business loans.

The company was founded in 2009 by Spanish engineers Juan Lobato and Salvador García and expanded its activities global footprint in 2022 with the purchase of Brazilian FinTech Bex.