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Sumup Raises $624M At $8.5B Valuation, With Its Payments And Business Tech Now Used By 4M Smbs

Jun 23, 2022•about 3 years ago

Amount Raised

$624 Million

London

Description

A decade ago, SumUp was one of the army of fintechs that made names for themselves with dongles that turned basic smartphones into card payment terminals. Today, the London-based company has expanded into a wider range of business services that are used by some 4 million small and medium businesses in 35 markets, and as it continues to scale out its ambitions, it’s closed in on a major round of funding of €590 million ($624 million).

Company Information

Company

Sum Up

Location

London, Ontario, Canada

About

Today, the London-based company has expanded into a wider range of business services that are used by some 4 million small and medium businesses in 35 markets, and as it continues to scale out its ambitions, it’s closed in on a major round of funding of €590 million ($624 million). The money will be used for acquisitions, more hiring (it now employs some 3,000 people), and more organic product development, the company said. The investment — led by Bain Capital Tech Opportunities, with participation also from funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, and others — is coming in the form of 50% equity and 50% debt and values SumUp at €8 billion ($8.5 billion). A decade ago, SumUp was one of the army of fintechs that made names for themselves with dongles that turned basic smartphones into card payment terminals.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech