Santander’s Ebury Said to Eye London IPO at £2 Billion Valuation

Ebury, a cross-border payments platform backed by Banco Santander SA, has been meeting with banks as it prepares for a London initial public offering that could value it as much as £2 billion ($2.5 billion), people familiar with the matter said.

The firm aims to list in the UK next year, according to the people, who asked not to be identified discussing confidential information.

It has been interviewing banks as part of a so-called pre-RFP process, the people said. That’s a relatively new development where a company speaks to a wide range of underwriters before later paring down the ...