Payments fintech SumUp concluded a €590 million funding round last week that gives the company an enterprise value of €8 billion.
The capital injection will fund product development, expansion into new markets and “value-adding acquisitions”.
Founded in 2012, UK-headquartered SumUp has become a premier payments partner to merchants and businesses, providing free business accounts and cards, online stores, an invoicing solution, and in-person and remote payments services, all via an app that integrates with the fintech’s proprietary card terminals and point-of-sale registers.
SumUp’s team of more than 3,000 people supports merchants in 35 countries worldwide, with Peru being the fintech’s most recent new market.
In recent years, SumUp has also expanded into point-of-sale solutions, and with the acquisitions of Goodtill, Tiller, and Fivestars, the fintech is rapidly expanding its footprint within the restaurant and retail sectors.
Commenting on the new funding, Marc-Alexander Christ, co-founder and chief financial officer at SumUp, said: “Our ability to organically grow 60+% through the challenges of recent years shows that we are there for merchants when they need support most. I am very proud of the team for completing a successful financing round in the current market with marquee investors—it’s indicative of our strength, execution, and potential.”
The round, a combination of debt and equity and brings SumUp’s total capital raised to €1.5 billion, 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.
Darren Abrahamson, a managing director at Bain Capital Tech Opportunities, added: “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.”
“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.”