London fintech SumUp raises £507m at a £6.8bn valuation
SumUp, a London-based fintech, has raised €590m (£507m) in a funding round that’s landed the firm an enterprise valuation of €8bn (£6.8bn).
Founded in 2012, SumUp provides payment solutions to small merchants. Its services include a free business account and card, access to an online store, and invoicing solutions.
“SumUp has received consistent support from the global investment community in our mission to help small merchants succeed,” said SumUp co-founder and CFO Marc-Alexander Christ.
“We stand by our merchants whatever the circumstance ‒ whether that be Covid or macroeconomic uncertainty. 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.”
The latest investment brings the total amount of funding raised by the unicorn up to €1.5bn (£1.29bn). Its previous funding round came back in March 2021 when it raised £642m.
The 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,” said Darren Abrahamson, a managing director at Bain Capital Tech Opportunities.
“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.”
SumUp serves more than four million small businesses operating in 35 countries worldwide. Last year the firm acquired the Lithuanian fintech Paysolut, with the aim of creating stronger banking solutions and expanding the company’s international reach.