Ebury, a British payments group backed by Banco Santander SA and Vitruvian Partners, is seeking additional banks to pitch for roles to support the firm’s IPO, scheduled for 1H25 at the earliest, four sources familiar with the situation said.

Bank of America and Goldman Sachs are acting as global coordinators, as previously reported.

Citi, Santander, Barclays, RBC Capital Markets and HSBC are among the banks that have been invited to pitch.

One source noted that some additional banks have already been appointed, with Santander firmed up for a junior role.

Ebury appointed chairman of Lloyd’s of London Bruce Carnegie-Brown as chair of the fintech’s board of directors in October 2024, a sign that IPO plans are ramping up, one source noted. No final decision has been made in terms of timings, the source added.

Founded in 2009 by Spanish engineers Juan Lobato and Salvador Garcia, Ebury provides services such as international payments, collections, risk management, and business lending, according to its website.

Potential comparables could include Wise [LON:WISE] (formerly Transferwise) and Cab Payments [LON:CABP], two sources noted. However, one source noted that Ebury is a distinct business from the other two, as it focuses on supporting SMEs, whereas Wise primarily serves consumers, and CAB focuses on clients in Africa, therefore a like-for-like comparison is not appropriate.

Previous media reports valued the business at around GBP 2bn.

The IPO of Ebury next year comes as other fintech firms also prepare to list.

Swedish “buy now, pay later” player Klarna is preparing to list in New York in 2025, German open banking fintech Raisin is considering an IPO next year, and UK-based Revolut is reportedly eyeing a 2026 listing.

Ebury is a fintech company specialising in international payments, collections, and foreign exchange services for SMEs and midcaps, offering solutions in over 130 currencies, including cash management, trade finance and FX risk management, with a network of 31 offices in 21 countries and more than 1,300 employees.

Ebury, Santander, Bank of America, Citi and Barclays declined to comment. Vitruvian, HSBC, Goldman Sachs, and RBC did not respond to a request for comment.