SumUp raises €590m in debt and equity to expand its merchant financial services.
The funding round was led by Bain Capital Tech Opportunities and values the company at €8bn.
≈ £506M at €1 = £0.8581 on 23 Jun 2022
SumUp is a global financial technology company offering mobile point of sale solutions and business accounts for small merchants.
SumUp has secured €590m in a combined debt and equity financing round, pushing its enterprise value to €8bn and bringing its total funding to €1.5bn. The investment was led by Bain Capital Tech Opportunities, with participation from BlackRock managed funds, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners.
The company will direct the capital towards accelerating product development, pursuing acquisitions, expanding its team, and scaling its financial services ecosystem for small businesses worldwide.
Over the past decade, SumUp has grown to support nearly 4m merchants across 35 countries, offering card readers, invoicing tools, and free business accounts.
From the founder
"Our ability to organically grow 60+% through the challenges of recent years shows that we are there for merchants when they need support most. 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 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 leveling the playing field for small merchants at a global scale."
Marc-Alexander Christ
CFO at SumUp
Investor perspective
"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. 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. 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."
Darren Abrahamson
Managing Director, Bain Capital Tech Opportunities
Use of funds
- 01Continue product development
- 02Fund acquisitions
- 03Grow the team
Investors
Darren Abrahamson
Bain Capital Tech Opportunities
BlackRock
btov
Centerbridge
Crestline
Fin
Sentinel Dome Partners
