SumUp valued at €8bn after €590m fund raise

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.

    Share Story:

Recent Stories


Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.