The London Stock Exchange‘s Airtel Money London IPO ambitions took a firm step forward this week, with parent company Airtel Africa confirming the mobile money unit will seek a London listing in the second half of 2026. Payments firm SumUp has separately been tipped for a $10bn London float in early 2027, with the two deals together representing a potential $20bn boost to the exchange.
Airtel Money targets a $2bn raise in London
Airtel Africa chief executive Sunil Taldar confirmed London as the preferred venue, saying the listing will ‘provide access to a broad international investor base and support the long-term value creation potential of one of Africa’s leading fintech platforms,’ according to Morningstar/Alliance News.
The company had originally targeted a listing in the first half of 2025 before pushing the timetable back. One person close to the plans told City AM the deal could fetch a valuation of up to $10bn.
Bloomberg reported the IPO could raise between $1.5bn and $2bn, citing people familiar with the matter. Advisory work is being led by Citigroup, with additional banks expected to join if the deal proceeds, according to Business Insider Africa.
The business being floated has grown sharply. Airtel Money’s annualised transaction value climbed 51.5% to more than $245bn in the latest quarter, while its customer base expanded 23.3% to 56.5 million users, according to Business Insider Africa.
Airtel Africa’s group finances are also improving. First-quarter revenue reached $1.85bn, up 31% year-on-year, with basic earnings per share rising 27% to 4.4 US cents from 3.4 cents in the prior-year period. The company did flag that higher energy costs linked to the Iran conflict are expected to weigh on near-term core profit margins.
Airtel Africa itself listed in London in June 2019, at which point Airtel Money was already described as its fastest-growing division. The mobile money unit now serves 14 African markets, primarily in East, Central, and West Africa.
One person close to the plans said a successful listing could encourage other African companies to seek a London quote, while also strengthening the exchange’s appeal to international fintechs more broadly. London was chosen over the United Arab Emirates and other European venues after those options were previously explored, City AM reported.
SumUp eyes 2027 debut with rival acquisition war chest
SumUp, the payments firm founded in 2012 that now serves more than 4 million customers across 36 countries, is targeting a London listing in early 2027 after deferring plans for a 2026 float.
The valuation being discussed carries a conflict in the reported figures. City AM cited a $10bn figure; the Financial Times reported SumUp was exploring a listing at up to $15bn. The FT figure is the higher of the two.
One person with knowledge of the discussions said there was ‘no indication [London] wasn’t the direction of travel,’ though Europe and New York had previously been considered. They added the firm has ‘never been in a rush.’
Bloomberg reported SumUp is poised to appoint Deutsche Bank, Goldman Sachs, Jefferies Financial Group, and JPMorgan Chase to run the deal. The company intends to use proceeds to acquire rival payment companies in Europe, according to CryptoRank.
A wider pipeline, but patience required
The two deals arrive as London’s IPO market struggles for momentum. The exchange’s largest listing of 2026 to date has been the National Investment Fund of the Republic of Uzbekistan, which raised $604m in a dual listing in May.
Treasury and Financial Conduct Authority (FCA) officials have been courting fintechs including Monzo, Zilch, and Revolut, with improvements to listing incentives on the agenda. People close to the Airtel and SumUp deals described the two floats as ‘helpful’ in tempting others to market, while cautioning that many of the larger firms are still looking towards 2028.
Charles Hall, head of research at Peel Hunt, said: ‘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. This would also attract a broad range of international fintech businesses which would see London as a more natural listing venue than the US.’
Bankers are also navigating a crowded calendar in the second half of 2026, including the US midterms, the first Budget under Andy Burnham’s government, and UK party conferences. Anticipated US listings from Anthropic and OpenAI could draw capital away from live London deals.
Neil Wilson, market commentator at Saxo, said: ‘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.’
Whether the Airtel Money London IPO prices at the top of its valuation range will serve as the City’s clearest early indicator of whether London can reclaim ground as a destination for high-growth international tech.
