Stripe, one of the world’s most valuable FinTechs, is preparing for a public listing according to sources reported by Reuters.

The news comes after the payments processor closed a $600 million funding round in March which valued it at $95 billion.

Stripe is in discussions with law firm Cleary Gottlieb Steen & Hamilton LLP according to the sources.

Though the timing of the initial public offering (IPO) has yet to be decided, the sources said the next step will be discussions with investment banks.

The IPO is unlikely to happen this year and may take the form of a direct listing rather than a traditional IPO, according to the sources.

Stripe was founded in 2009, by Irish Brothers Patrick Collison and John Collison and had reported revenues of around $7.4 billion and around 4,000 employees worldwide in 2020.

The FinTech currently operates in 42 countries worldwide, and its payments infrastructure is used by Deliveroo, Doctolib, Glofox, Klarna, ManoMano, N26, UiPath, and Vinted.

Early investors in the company included Tesla chief executive Elon Musk, early Facebook investor Peter Thiel, and Google Ventures.

The Financial Conduct Authority (FCA) launched a consultation earlier this month, in response to the Kalifa Review of UK FinTech, which could see new measures introduced to provide more incentives for FinTechs to list in the UK.

These measures would allow businesses to issue “dual-class” shares, giving founders more control of their businesses, bringing the UK’s listing rules closer to the system employed by many large Nasdaq-listed tech companies such as Facebook.

2021 has been an active year in terms of payments companies going public, in March US payments start-up Marqeta reached a valuation of $15 billion following its IPO.

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