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SumUp caps off tough funding year with £244m raise

SumUp funding
Image credit: SumUp

British fintech company SumUp has raised €285m (£244m) to expand its global footprint amid a challenging year for tech funding.

The London-headquartered firm provides a suite of tools for merchants including business accounts, online stores, invoicing and point-of-sales registers.

SumUp plans to use the financing to launch into additional markets after launching in Australia – its 36th market – earlier this year.

The sizable funding round comes at the tail end of a turbulent year for tech funding. UK tech firms are projected to raise £10bn in venture capital funding in 2023, a 54% year-on-year drop.

SumUp’s round was led by Sixth Street Growth and attracted financing from Bain Capital Tech Opportunities, Fin Capital and Liquidity Group.

“Our mission is to create a world where everyone can build a thriving business,” said SumUp CFO Hermione McKee.

“The consistent growth SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and support of the investor community.”

The business-to-business fintech did not disclose how much of the funding was equity and debt.

The latest capital injection brings SumUp’s total funding to over €1.79bn since it was founded in 2012.

In June this year, SumUp raised €590m at an enterprise valuation of €8bn. Half of that round was equity and half was debt.

Last year the firm acquired the Lithuanian fintech Paysolut, with the aim of creating stronger banking solutions and expanding the company’s international reach.

SumUp added that it has been “positive on an EBITDA basis since Q4 2022”.