Three years ago, Europe’s fintech sector was a robust source of public listings, raising $28 billion across 15 IPOs in 2021. However, with post-pandemic market cooling, the landscape has shifted significantly. In 2024, London’s public markets raised just $1 billion, falling to 20th place among global IPO venues, a sharp drop from its $23.4 billion peak in 2021.
While signs of recovery are emerging—such as Klarna’s November IPO in the US—European fintech companies increasingly face challenges in choosing listing destinations. Here’s a look at the leading fintechs that might be next to go public.
Advertisement
1. Revolut
- HQ: UK
- Valuation: $45B (August 2024)
- Milestones: Reported record £438M profits and secured a UK banking license in 2024.
- IPO Talk: Revolut’s UK CEO Francesca Carlesi expressed openness to a London IPO, but CEO Nik Storonsky indicated the US as a preferred listing venue due to higher liquidity.
- Latest Raise: Secondary funding, August 2024.
- Investors: Tiger Global, Coatue, D1 Capital Partners.
2. N26
- HQ: Germany
- Valuation: Undisclosed
- Milestones: CEO Valentin Stalf targets within the next 3-5 years to go public.
- Latest Raise: $900M, October 2021.
- Investors: Dragoneer, Coatue, Earlybird, Tencent.
3. SumUp
- HQ: UK
- Valuation: $8.5B
- Milestones: Achieved positive operating cash flow; To go public is possible but not a priority.
- Latest Raise: €1.5B debt, May 2024.
- Investors: Bain Capital, BlackRock, HV Capital, Fin Capital.
4. Monzo
- HQ: UK
- Milestones: Turned profitable in 2024; strengthened leadership with two new C-suite hires.
- Latest Raise: Secondary funding, October 2024.
- Investors: Accel, Coatue, Passion Capital, General Catalyst.
5. Qonto
- HQ: France
- Milestones: Fast-growing with over 450K customers; IPO planned in a few years.
- Latest Raise: €486M Series D, January 2022.
- Investors: Alven, Valar Ventures, DST Global, Tencent.
6. Starling Bank
- HQ: UK
- Milestones: Posted third consecutive year of profitability in 2024; considers London as venue to go public.
- Latest Raise: £131M, April 2022.
- Investors: Goldman Sachs, Fidelity, Qatar Investment Authority.
7. Thought Machine
- HQ: UK
- Valuation: $2.7B
- Milestones: CEO Paul Taylor confirmed plans for a London IPO.
- Latest Raise: $160M Series D, May 2022.
- Investors: Eurazeo, Temasek, Molten Ventures.
8. Zilch
- HQ: UK
- Valuation: $2B
- Milestones: Zilch CEO Philip Belamant expects an IPO in the next 18-24 months, though the venue remains undecided.
- Latest Raise: £50M debt, October 2024.
- Investors: Deutsche Bank, Goldman Sachs.
9. Bunq
- HQ: Netherlands
- Valuation: $1.9B (2021)
- Milestones: Plans to grow workforce by 70% before considering to go public; evaluating London, US, and EU as options.
- Latest Raise: $31M, April 2024.
- Investors: Pollen Street Capital, Raymond Kasiman.
10. OakNorth
- HQ: UK
- Milestones: Reported £187.3M pretax profit in 2023; exploring US as a potential IPO venue.
- Latest Raise: $440M, February 2019.
- Investors: SoftBank, Sumitomo Mitsui, Vision Fund.
11. Zopa
- HQ: UK
- Milestones: Achieved profitability in 2024; raised €82M in December for product expansion. Prefers a UK IPO when conditions improve.
- Latest Raise: €82M Series E, December 2024.
- Investors: Augmentum Fintech, Northzone, SoftBank.
12. Payhawk
- HQ: UK & Bulgaria
- Milestones: Pre-tax losses of €34.7M in 2024; IPO plans contingent on market recovery.
- Latest Raise: $100M Series B, February 2022.
- Investors: Lightspeed Ventures, QED Investors.
IPO Outlook
While several fintechs are considering going public, macroeconomic conditions and liquidity concerns remain critical factors. Europe faces stiff competition from the US as a preferred IPO destination, particularly for high-value startups like Klarna and Revolut. However, as the markets stabilize, these fintechs could play a pivotal role in revitalizing Europe’s IPO pipeline.
