SumUp revenues jumped in 2023 as the payments firm prepares for a share sale that could value it at as much as $9bn.

The London-based business, known for its distinctive card readers, posted revenues of €188m (£156m) for the period, a rise of 26% compared to the previous year — though its growth rate slowed compared to the roughly 50% sales surge the previous year and pre-tax profits slipped 29% to €783k.

“During 2023, the company proved the resilience of its business model and has kept its profitable position increasing profits and sales turnovers for the financial year and because of efficient management of its cost base,” SumUp said in accounts filed to Companies House.

“Into 2024 the company has continued to successfully attract new merchants and plans to add new features and services to its merchant base.”

“Looking further forward, the company will continue to invest in customer acquisition. It will also continue to invest in branding campaigns which have seen very positive results in 2023.”

SumUp’s stellar results come as the fintech is reportedly eyeing a valuation of as much as $9bn in a share sale, propelling it into the ranks of among Britain’s most valuable tech companies.

The company is working with Goldman Sachs to sell between €200m and €400m euros worth of existing shares, including those held by the founders and some early-stage investors, according to a report by Reuters citing people familiar with the matter.

Talks are at an early stage and management may decide not to proceed with any transaction, the sources told Reuters.

SumUp, which provides payments services for small merchants, also increased the share capital of its Luxembourg-based parent company by 100k shares in March, its accounts show, for which it received £4m in cash, amid reports the parent raised €1.5bn from credit lenders in a funding round earlier this year.

The company added an extra 16 employees to the headcount of its London office during the year, rising to a total of 50. Around €160m of SumUp’s turnover came from merchant fees, according to its accounts. Of the remaining revenues, €12m came from sales of its card readers, popular with small businesses, a rise of more than 50% over the previous year.