Venture capital returns to investing in fintech. SumUp, the company that serves over 4 million merchants around the world, has announced a capital increase of 590 million euros which, to crown its 10 years of international growth, brings the company to be valued at 8 billion. EUR.
The round consists of a portion of debt financing and a portion of equity and brings the total funding raised by SumUp in ten years to € 1.5 billion, almost all of which so far in debt.
The resources will be used for growth with acquisition, for the development of new products and for new hires.
The newly closed investment round is led by Bain Capital Tech Opportunities with the participation of funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital and Sentinel Dome Partners.
SumUp was born in 2012 and was known for the device that transformed the smartphone into a card reader to help small business owners to start, manage and grow their business thanks to a simple and reliable payment solution. Since then, the company has grown with a range of services: today it offers merchants a financial services superapp that includes the company account and the free SumUp card, e-commerce, a billing solution, as well as payments in shop and remote integrated with the mobile POS for cards and the proprietary cash register.