SumUp has announced a new € 590 million capital increase that brings the company’s valuation to € 8 billion. The company, founded exactly ten years ago and became a major player in the cashless payments revolution, has obtained new funding from investors such as Bain Capital Tech Opportunities with the participation of funds managed by, among others, BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital and Sentinel Dome Partners. The round consists of a portion of debt financing and a portion of equity and brings the total funding raised by SumUp to € 1.5 billion.
Founded in 2012 in London to help small entrepreneurs start, manage and grow their business thanks to a simple, fair and reliable payment solution, SumUp now has more than 3,000 employees and operates in 35 markets, including Peru, in which SumUp joined in June 2022. In recent years, SumUp has expanded its payment and digital service management solutions and, with the acquisition of Goodtill, Tiller and Fivestars, the company is growing rapidly in the retail and HoReCa sector. Today it is used by many merchants, including in Italy where credit card readers sold by British fintech have become very popular.
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“The global investor community has strongly supported SumUp in its mission to help small merchants. Our priority is to stay alongside small businesses despite the difficulties, from the pandemic to the macro-economic uncertainties of recent months. Our organic growth of + 60% in these difficult times demonstrates our ability to respond to the needs of exhibitors when they need it most “. commented Marc-Alexander Christ, co-founder and CFO of SumUp. “In a market like the present one, the success with which our team concluded the funding round by involving prestigious investors highlights our ability to execute and our potential. The capital raised will allow us to further develop our ecosystem, grow in new markets and continue acquisitions, always with the aim of being alongside exhibitors around the world, ”he added.
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For Darren Abrahamson, Managing Director of Bain Capital Tech Opportunities, SumUp “has constantly evolved to support a diverse and growing small business segment, with payment solutions and tools that seamlessly connect their clients. The team at the helm of SumUp has led the company to rapid and sustained growth by expanding into more than 30 countries where it has had a direct and positive impact on the small business ecosystem. We are proud to be able to contribute our deep experience in the world of fintech and payments to support SumUp in its extraordinary ability to push the limits and lead an extremely competitive sector “