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Payments firm SumUp raises €590m to reach €8bn valuation
The fintech was reportedly seeking a €20bn valuation at the start of the year.
Payments service provider SumUp has raised a huge €590m funding round to reach a valuation of €8bn.
The London-based fintech was reportedly seeking a value as high as €20bn, which would have positioned it as one of the UK’s most valuable start-ups.
An equal combination of debt and equity, the round was led by Bain Capital Tech Opportunities and brings the global fintech’s total capital raised to €1.5bn.
Over a decade of rapid growth and expansion, SumUp has grown into a financial services ‘super app’, evolving from a company that once just transformed smartphones into card payment terminals into a range of business services for its more than four million small and medium businesses.
“SumUp has received consistent support from the global investment community in our mission to help small merchants succeed,” SumUp co-founder and CFO Marc-Alexander Christ said.
“We stand by our merchants whatever the circumstance ‒ whether that be COVID or macroeconomic uncertainty.”
SumUp provides merchants with business accounts, invoicing solutions and both online and in-store payments integrated into the company’s card terminals and point-of-sale registers.
The new round of funding will be used, among other things, to continue expanding this range of offerings.
“The funds we’ve raised will enable us to continue to build out our product ecosystem, expand into new markets, pursue value-adding acquisitions, and continue levelling the playing field for small merchants at a global scale,” he added.
Having launched in Peru earlier this month, SumUp now operates in 35 countries globally and has more than 3,000 staff working to support merchants.
Joining the growing list of fintech consolidators, SumUp recently acquired Goodtill, Tiller and Fivestars, and will use the money to continue making acquisitions.
The funding round was led by Bain Capital Tech Opportunities, with participation from funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, among others.
“SumUp has continually evolved to empower a growing and diverse field of small businesses with payment solutions and tools to efficiently connect with their everyday consumers,” Bain Capital managing director Darren Abrahamson said.
“We’re proud to contribute our deep fintech and payments experience to aid SumUp’s remarkable ability to push the boundaries and lead an incredibly competitive industry,” he added.
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