SME paytech SumUp raises €590m at €8bn valuation

SME merchant paytech SumUp has raised €590 million at a valuation of €8 billion.

SumUp co-founder and CFO Marc-Alexander Christ

The round, led by led by Bain Capital Tech Opportunities, saw participation from funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital and Sentinel Dome Partners, among others.

This latest round of debt and equity funding brings SumUp’s total funding to date to €1.5 billion.

SumUp co-founder and chief financial officer (CFO) Marc-Alexander Christ says the latest funding is “indicative of our strength, execution, and potential”.

“Our ability to organically grow 60+% through the challenges of recent years shows that we are there for merchants when they need support most.

“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,” Christ adds.

SumUp, founded in 2012, helps more than four million small merchants across 35 countries start, run and grow their business through a “fair, easy, and reliable” payment solution.

Its financial services “super- app” provides merchants with a free business account and card, an online store, an invoicing solution, as well as in-person and remote payments integrated with SumUp’s proprietary card terminals and point-of-sale (POS) registers.