SumUp Raises $624 Million at $8.5 Billion Valuation

SumUp is a fintech startup that enables small and medium-sized businesses to accept card payments at the Point-of-Sale or on the go by using physical readers, invoices, and other services. Except for POS payments, the company operates in a variety of areas such as business banking, online payments, and business services. As of now, the company’s services are provided to more than 4 million people in 35 markets around the world.

The funding round was led by Bain Capital Tech Opportunities. Among other investors were BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners. The money raised will be used for employee team expansion, new acquisitions, and organic growth development. “SumUp has continually evolved to empower a growing and diverse field of small businesses with payment solutions and tools to efficiently connect with their everyday consumers,” Darren Abrahamson, an MD at Bain Capital Tech Opportunities.

SumUp, London, the UK, was founded by Daniel Klein and Marc-Alexander Christ in 2012. The biggest company market is still Europe, however, SumUp is driving into emerging markets – the most recent launch was in Peru. This year, the company established a partnership with PrestaShop, Europe and Latin America e-commerce platform. This gives 300 000 websites, that rely on PrestaShop technology, access to SumUp business tools and payment solutions. “Our partnership will enable merchants with a seamless and secure payment experience for all major credit and debit cards, an important tool in enabling small business success in today’s environment,” James Henry, Head of Sales and Partnerships at SumUp.  Moreover, SumUp snapped up Payeleven, Goodtill, Tiller, and Fivestars to be able to provide more services on its platform.

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