Payments firm SumUp hits €8bn valuation

Global payments platform SumUp has bagged €590m in a funding round that values the company at €8bn.

Bain Capital Tech Opportunities served as the lead investor, with commitments also coming from BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, among others.

With the capital, the company plans to expand into new markets, seek value-add acquisitions, deepen its product ecosystem and more.

Founded in 2012, SumUp helps small merchants start, run and grow their business with fair, easy and reliable payment solutions. It supports in-person and remote payments seamlessly integrated with SumUp’s proprietary card terminals and point-of-sale registers.

Its Super App supplies merchants with a free business account and card, an online store, and an invoicing solution.

SumUp claims to support four million merchants across 35 countries.

SumUp co-founder and CFO Marc-Alexander Christ said, “SumUp has received consistent support from the global investment community in our mission to help small merchants succeed.

“We stand by our merchants whatever the circumstance ‒ whether that be COVID or macroeconomic uncertainty. 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.”

With the close of this round, the company has raised a total of €1.5bn in funding. It previously raised €750m in a funding round back in March 2021.

Last year, the FinTech company partnered with the Zoological Society of London (ZSL) to develop a digital in-house fundraising technology to make contactless donations.

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