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Santander-Owned Ebury Plans £2 Billion London IPO Next Year: Report

Thursday, 25/09/2025 | 14:57 GMT by Jared Kirui

  • A previous attempt to go public was reportedly blocked due to market volatility.
  • Ebury had appointed Goldman Sachs to lead preparations for the IPO.

IPO

Santander-backed payments company Ebury is preparing to re-enter the public markets with a London flotation that could value the business at £2bn, Sky News reported.

After a previous attempt to go public was blocked by market instability, advisers now point to the second quarter of 2026 as a likely window for the initial public offering.

Delayed by Global Market Turbulence

Ebury had originally planned to list earlier this year, but the IPO was derailed by market volatility triggered by global tariffs under the Trump administration. Sources in the City said that the autumn market conditions were not suitable for a successful listing, prompting the delay.

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The company, which facilitates cross-border payments for small businesses, is expected to pursue a valuation of around £2bn. Santander is reportedly unlikely to proceed if the target valuation cannot be met.

Several banks, including Barclays, Goldman Sachs, and Peel Hunt, have been engaged to advise on the IPO and help manage the potential listing. Discussions between Ebury’s board and investment bankers suggest that spring 2026 is now the tentative launch period for the offering.

Expanding Presence in Cross-border Payments

The upcoming IPO would mark a significant step for Ebury in expanding its presence in the cross-border payments market. Analysts note that achieving the expected valuation will be critical, as the company looks to capitalize on improving market conditions after the previous setback.

Related: Ebury Picks Goldman Sachs for £2 Billion IPO in the UK: Report

Before shelving its IPO ambitions, Ebury last year appointed Goldman Sachs to lead preparations for the planned listing.The IPO was positioned as a key test for London’s capital markets, which had seen a slowdown in flotations, particularly in the fintech and payments sector.

Ebury’s board reportedly chose London after considering alternative venues. The deal is expected to boost the city’s standing as a financial hub.

At the time, sources familiar with the matter said the IPO was being targeted for the first half of the year, with a potential valuation of about £2 billion. The effort was later shelved amid worsening market conditions.

More from Ebury

Santander-backed payments company Ebury is preparing to re-enter the public markets with a London flotation that could value the business at £2bn, Sky News reported.

After a previous attempt to go public was blocked by market instability, advisers now point to the second quarter of 2026 as a likely window for the initial public offering.

Delayed by Global Market Turbulence

Ebury had originally planned to list earlier this year, but the IPO was derailed by market volatility triggered by global tariffs under the Trump administration. Sources in the City said that the autumn market conditions were not suitable for a successful listing, prompting the delay.

Join stablecoin builders in London at the fmls25

The company, which facilitates cross-border payments for small businesses, is expected to pursue a valuation of around £2bn. Santander is reportedly unlikely to proceed if the target valuation cannot be met.

Several banks, including Barclays, Goldman Sachs, and Peel Hunt, have been engaged to advise on the IPO and help manage the potential listing. Discussions between Ebury’s board and investment bankers suggest that spring 2026 is now the tentative launch period for the offering.

Expanding Presence in Cross-border Payments

The upcoming IPO would mark a significant step for Ebury in expanding its presence in the cross-border payments market. Analysts note that achieving the expected valuation will be critical, as the company looks to capitalize on improving market conditions after the previous setback.

Related: Ebury Picks Goldman Sachs for £2 Billion IPO in the UK: Report

Before shelving its IPO ambitions, Ebury last year appointed Goldman Sachs to lead preparations for the planned listing.The IPO was positioned as a key test for London’s capital markets, which had seen a slowdown in flotations, particularly in the fintech and payments sector.

Ebury’s board reportedly chose London after considering alternative venues. The deal is expected to boost the city’s standing as a financial hub.

At the time, sources familiar with the matter said the IPO was being targeted for the first half of the year, with a potential valuation of about £2 billion. The effort was later shelved amid worsening market conditions.

More from Ebury

Jared Kirui

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Jared is an experienced financial journalist passionate about all things forex and CFDs.

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