SumUp, a leading global fintech and mobile point of sale company has nabs a €590 million funding round. This latest round is a combination of debt and equity and brings SumUp’s total capital raised to €1.5 billion.
Reaches €8B valuation
With this, the company has reached an enterprise value of €8 billion following a decade of rapid growth and global expansion.
The investment round was led by Bain Capital Tech Opportunities along with participation from funds managed by BlackRock, btov Partners (invested Decentriq and Neptune.ai), Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, among others.
How will it use funds?
SumUp will use funding to accelerate development of vital and fair financial services and tools to empower small businesses all over the world. It will also be used for acquisitions, more hiring, and more organic product development.
In recent years, SumUp has expanded into point-of-sale solutions, and with the acquisitions of Goodtill, Tiller, and Fivestars, the company is rapidly expanding its footprint within the restaurant and retail sectors.
Marc-Alexander Christ, SumUp co-founder and CFO, said of the round: “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 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 leveling the playing field for small merchants at a global scale.”
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. SumUp’s leadership team have led the company to sustained and accelerated growth through expansion to more than 30 countries where they have had a direct and positive impact on the small business ecosystem. 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.”
Helps small merchants
Founded in 2012 by Marc-Alexander Christ, Petter Made, Jan Deepen, and Stefan Jeschonnek in London, SumUp offers physical card readers and manages payments in online stores. It was founded to help small merchants start, run and grow their business through a fair, easy, and reliable payment solution.
Today, its financial services Super App provides merchants with a free business account and card, an online store, and an invoicing solution, as well as in-person and remote payments seamlessly integrated with SumUp’s proprietary card terminals and point-of-sale registers.
Now, the company has over 3,000 staff supporting almost 4 million merchants in 35 countries worldwide. Recently, it entered the Peru market.