UK FinTech SumUp has raised €590 million in a new funding round.

The London-based start-up, which was founded in 2012, is now worth €8 billion.

The value is below the company's previous expectations, with Bloomberg UK reporting in January that the payments business was seeking funds at a valuation $22 billion.

In an interview with the Financial Times, the company’s chief executive Marc-Alexander Christ said that he continued with the funding round despite the lower value to give “peace of mind to investors”.

He added that the business "doesn’t necessarily need the money" because it is close to breaking even and that the investment could be used for a “rainy day”.

SumUp now has more than 3,000 employees and services merchants in 35 countries; the latest country to join the network was Peru earlier this year.

The SumUp boss said that the funds raised will be used to expand into new markets, go after “value-adding” acquisitions, and to build on its existing product range.

"Our ability to organically grow 60+ per cent through the challenges of recent years shows that we are there for merchants when they need support most," said the chief exec. "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."

The latest funding round brings the company’s total capital raised to €1.5 billion.

The round 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.

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