Airtel and Sumup aim to revive London’s fintech IPO market

Airtel Africa’s mobile‑money division, known as Airtel Money, and European payments platform Sumup have announced plans to list on the London Stock Exchange before the end of 2024 and early 2027 respectively. Combined, the two floats could generate as much as $20bn in market capitalisation, offering a much‑needed boost after a year of scarce new listings.

Why the listings matter

The London market has struggled to attract fresh capital, with geopolitical volatility and a slowdown in European IPO activity leaving the exchange thin on high‑growth tech deals. A successful debut by an African‑based fintech and a European payments firm would signal that London remains a viable venue for companies outside the United States, potentially encouraging other African and Latin‑American firms to follow suit.

Sources say Airtel Money is targeting a valuation of up to $10bn, with the aim of widening its investor base beyond Africa. The business, which lets users store money, transfer funds and purchase mobile data, was previously considering venues in the United Arab Emirates and other European cities before settling on London.

“The UK is a leading player in the fintech space… many of these businesses are considering an IPO and it would be a considerable boost for the UK if they decide to list in London,” said Charles Hall, head of research at Peel Hunt.

Sumup’s delayed debut

Fintech Sumup has pushed its initial public offering to early 2027, aiming for a $10bn valuation. The firm, which provides point‑of‑sale solutions to small merchants, postponed a 2026 launch to avoid the current volatility that has dampened European IPOs.

Industry commentator Neil Wilson of Saxo noted, “There is absolutely no reason London cannot be the venue of choice for fintechs, it’ll be a big boost bagging Airtel and Sumup and you never know we could see the London Stock Exchange with a bit more tech in its mix.”

What comes next

If the two listings proceed as planned, they could act as a proof point for other fintechs weighing a London float, including unicorns such as Monzo, Zilch and Revolut, which have already been in talks with the Treasury and the Financial Conduct Authority about listing incentives. Market participants are also watching political calendars, the UK’s 2026 budget, US mid‑term elections and other events, that could influence timing.

While analysts caution that a single or even a pair of deals will not instantly revive the market, the combined $20bn potential valuation offers a tangible sign that London can still attract sizeable tech listings. Both companies have declined to comment further on their timelines.