Santander-backed payments firm Ebury has commenced discussions with potential investors for an initial public offering in London, Bloomberg has reported.
Goldman Sachs and Bank of America are reportedly assisting with the plans to float in 2025, though an IPO is not guaranteed.
An Ebury IPO has been rumoured since March of this year, at a potential valuation of around £2 billion.
Ebury arranges foreign exchange conversions, forex trades and payment requests.
According to financial statements published with Companies House in November 2023, Ebury booked £25.5 billion worth of volumes in the financial year ending 30 April 2023 with revenues totalling £204 million.
Santander acquired its majority stake in Ebury for £350 million in 2020 and increased its holding in 2022.
The bank offered to buy out Ebury's founders last year, according to the Bloomberg report.