Airtel and SumUp are positioned to deliver a potential $20bn boost to the London Stock Exchange through long-awaited IPOs that could pave the way for a broader wave of fintech firms to come to market.

Telecommunications giant Airtel is planning to list its mobile money business in London before the end of the year, according to its parent company, in what would be a welcome lift for a market that has endured a moribund year for new listings.

Airtel Money, a digital commerce platform enabling users to store funds, transfer money, and purchase mobile data, had previously explored the United Arab Emirates and other European venues before London emerged as the preferred choice, sources told City AM. The business operates across Airtel Africa's 14-country footprint and competes with established mobile money services such as Safaricom's M-Pesa, positioning the IPO as a rare opportunity for international investors to gain exposure to Africa's rapidly expanding digital payments market.

Parent company Airtel Africa, majority-owned by Indian billionaire Sunil Mittal's Bharti Enterprises, ranks as Africa's third-largest wireless carrier. One person close to the plans said the transaction aims to broaden Airtel Money's international investor base and could value the company at up to $10bn.

If the listing proceeds, it would serve as a proof point for other international companies evaluating London as a listing venue and could trigger a wave of new African companies coming to the London Stock Exchange, the person added.

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."

A City source noted there is also a growing pipeline of Latin America–based fintechs considering London over the US, where smaller companies risk being overshadowed by giant listed technology firms.

London has experienced a drop-off in listings in recent years, exacerbated by high-profile decisions by companies such as Arm Holdings and CRH to choose New York over the UK for their primary listings. The Financial Conduct Authority overhauled London's listing rules in 2024 to streamline requirements and make the exchange more competitive, though the reforms have yet to translate into a sustained recovery in new flotations. Hopes for a 2026 revival have been dampened by volatility stemming from the war in Iran. Thus far, the London Stock Exchange's largest IPO of the year has been the National Investment Fund of the Republic of Uzbekistan, which raised $604m through a dual listing in May.

SumUp Targets 2027 for Public Debut

Payments fintech SumUp has also been tipped for a $10bn listing in London in early 2027. Although a 2026 listing had been under consideration, City AM understands the deal was pushed back to avoid the volatility that has weighed on Europe's IPO market this year.

London-based SumUp, founded in 2012, provides card readers, point-of-sale software, and payment services to small and medium-sized merchants across more than 30 markets. The company has raised funding from investors including Goldman Sachs and Bain Capital's Tech Opportunities fund, and any listing would represent one of the most significant European fintech IPOs in recent years.

One person familiar with the discussions said there was "no indication [London] wasn't the direction of travel" for the listing, despite Europe and New York having been considered previously. The source added that the firm has "never been in a rush" and could therefore afford to wait.

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."

Bankers are also seeking to navigate around a series of potentially disruptive political events in the second half of 2026 as they map out deal timelines, including the US midterms, Andy Burnham's government's first Budget, and UK political party conferences. The potential blockbuster listings of Anthropic and OpenAI in the US also threaten to draw attention and capital away from live UK deals.

The arrival of Airtel and SumUp on the London market would mark the beginning of what the City hopes will be a flurry of fintech floats. Treasury and LSE officials have courted prominent names including Monzo, Zilch, and Revolut in an effort to persuade them to list their shares in London.

City AM reported earlier this year that the Treasury and the Financial Conduct Authority were preparing to hold talks with the UK's fintech unicorns, with improvements to London listing incentives playing a central role on the agenda.

People close to the Airtel and SumUp deals described the companies' listings as "helpful" in encouraging other fintechs to go public, though they were unlikely to move the needle in the short term, with many larger companies still eyeing 2028. They noted there may still be a number of private equity–owned firms that could push ahead before then.

"We have this great pool of tech businesses that need to make the leap into the big league with a listing but London hasn't been a great place for some of these firms, so it would be a great boost to see these IPOs flourish and could enhance London's appeal and attract more listings," Wilson added.

SumUp and Airtel declined to comment.