Ebury Sets Sights on London Float later than False Start, With Santander Watching Closely

Ebury, the payments group backed by Banco Santander, is dusting off its plans for a London listing, with advisers pencilling in the second quarter of 2026 for a float that could value the company at £2bn, according to Sky News.

The fintech, founded in London in 2009 by Juan Lobato and Salvador García, specialises in cross-border payments, FX and lending for small and mid-sized businesses. It now operates in more than 30 countries and reported revenue of £204m in its last financial year. Santander took control in 2020, paying £350m for just over half the business and later folding it into its global payments arm, PagoNxt.

A flotation had been on the cards for 2025, but market turbulence linked to President Donald Trump’s tariff regime cooled investor appetite and closed the IPO window. City sources say the company’s board and bankers are now more confident the spring of 2026 will offer a better entry point. Barclays, Goldman Sachs and Peel Hunt have been lined up to work on the deal.

London’s Bruised IPO Market

The revival comes at a testing time for the . A string of recent debuts has disappointed, most notably CAB Payments, which issued a profit warning just months later than floating. Regulators responded with sweeping rule changes in 2024 that scrapped the “premium” and “standard” listing categories in favour of a single regime designed to make the City more attractive to growth companies. Whether those changes can deliver a pipeline of credible fintech floats remains to be viewn.

Ebury’s management has tried to shore up its credentials ahead of the rebegin. The company hired Bruce Carnegie-Brown, chair of Lloyd’s of London and a former Santander vice-chair, to lead its board late last year — a move read by investors as pre-IPO housekeeping.

For Santander, Ebury is both a growth bet and a yardstick. The Spanish bank has long sought to expand its payments business, and a successful listing would set a public valuation for part of its PagoNxt arm. Santander is thought to be reluctant to proceed unless the float clears the £2bn hurdle — a test of investor confidence in a business that straddles banking and fintech.

purchase-side analysts will want detail on Ebury’s unit economics. The company has reported positive EBITDA, but cohort-level data on churn, take rates and margins across FX and lending lines will be scrutinised. Geography also matters: cross-border flows are sensitive to macro shocks, and CAB Payments’ stumble showed how concentration risk in certain corridors can rapidly unravel a growth story.

Free float levels and lock-up terms will be another focal point. in recent fintech debuts, and investors will want clarity on how Santander and other backers intend to trade down.

If Ebury can get out the door in Q2 2026 and trade steadily, it would give a rare win and show that mid-cap fintechs with proven profitability can still command healthy valuations. A stumble would fuel the chorus of companies eyeing New York instead.

For now, Ebury is back on the runway, its plans clearer, its advisers assembled, and its largest shareholder keen to view if London can deliver the price it wants.