SumUp, a London, UK-based fintech company serving over 4 million small businesses worldwide, raised €590m in debt and equity funding, at an enterprise value of €8 billion.
The round, which brings SumUp’s total capital raised to €1.5 billion, was led by Bain Capital Tech Opportunities, with participation from funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, among others.
The company intends to use the funds to accelerate development of fair financial services and tools to empower small businesses all over the world.
Founded in 2012, SumUp helps small merchants start, run and grow their business through payment solutions. Its suite provides merchants with a free business account and card, an online store, and an invoicing solution, as well as in-person and remote payments integrated with proprietary card terminals and point-of-sale registers. More than 4 million businesses ‒ from taxi drivers and coffee shop owners to large sports stadiums ‒ currently use SumUp.
The company has a team of over 3,000 people who supports merchants in 35 countries worldwide, with Peru (launched in June 2022) being the company’s most recent new market. In recent years, SumUp has also expanded into point-of-sale solutions, and with the acquisitions of Goodtill, Tiller, and Fivestars, the company is expanding its presence within the restaurant and retail sectors.