Fintech firm CAB Payments plots London listing in boost to the City
A fintech firm has revealed plans to float on the London Stock Exchange today and hailed the capital as a “home for innovative and growing global businesses”, in a boost for the Square Mile after a bruising few months.
CAB Payments, a specialist cross-border payments and foreign exchange firm, announced plans to float on the main market of the London Stock Exchange in an announcement this morning.
The plans will come as a relief to the London Stock Exchange after a torrid few months in which tech firms have slammed the city’s appeal as a destination to go public.
In a statement this morning, CAB Payments chief Bhairav Trivedi said the plans to list in London were a “sign of confidence in the UK as the home for innovative and growing global businesses”.
“I am tremendously excited to take the step of listing CAB Payments’ shares via a premium listing. It will broaden our ownership and bring more of the transparency that we value so highly throughout our business model,” he added.
The plans come amid an uptick in fresh listings in recent weeks after a barren period for the City’s IPO market to start the year. Cash raised via floats in London plunged beyond 80 per cent in the first quarter according to EY.
The announcement comes a day after We Soda, a natural soda ash producer, said it had received “considerable” interest from investors and confirmed it was also seeking a London listing.
Analysts said the new float would be “another boost” for London Stock Exchange officials after a tricky few months.
“The global payments provider executes and manages transfers across 143 currencies and markets and its decision to launch an IPO in London will help add shine to the capital’s reputation as a fintech hub,” said Hargreaves Lansdown’s head of money and markets Susannah Streeter.
London Stock Exchange chief Julia Hoggett has led a drive to overhaul the bourse’s rules in a bid to tempt in more growth and fintech firms to float.