Payments firm SumUp hits €8bn valuation after fresh funding round
London payments firm SumUp revealed it had bagged a €590m funding injection today as it looks to fuel a growth push and rollout new products this year.
The fresh funding, a mixture of debt and equity, was led by Bain Capital tech Opportunities with backing from funds managed by firms including BlackRock, btov Partners, valuing the payments solutions firm at€8bn.
The valuation marks a sharp plunge from a reported target valuation of 20bn euros earlier this year however, with growth-focused tech firms hit in recent months by soaring inflation and an increasingly scarce funding environment.
Bosses at SumUp said today the funding was a vote of confidence from investors amid a turbulent economic backdrop.
“I am very proud of the team for completing a successful financing round in the current market with marquee investors – it’s indicative of our strength, execution, and potential,” marc-Alexander Christ, co-founder and CFO said.
“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.”
SumUp was founded in 2012 to provide small merchants with a payments systems to help them start and run their business.
In a statement today, managing director of lead investor Bain Capital Tech Darren Abrhamson said the firm had evolved to “empower a growing and diverse field of small businesses with payment solutions”.
“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,” he said.
“We’re proud to contribute our deep fintech and payments experience to aid SumUp’s remarkable ability to push the boundaries and lead an incredibly competitive industry.”