London-based financial technology firm, SumUp recently announced that the company has secured €590 million in funding. SumUp, which has partnered with more than 4 million small businesses around the world, has received an enterprise value of €8 billion after the latest funding.
The investment round, which includes debt and equity, was led by Bain Capital Tech Opportunities with participation from some of the well-known names in the global financial sector like BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital and Sentinel Dome Partners.
To date, SumUp has raised a total of €1.5 billion. Founded in 2012, the company has witnessed rapid expansion across different regions around the world in the past few years.
“SumUp has received consistent support from the global investment community in our mission to help small merchants succeed. We stand by our merchants whatever the circumstance, whether that be COVID or macroeconomic uncertainty. 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,” Marc-Alexander Christ, the Co-Founder and CFO of SumUp, said.
The fintech firm highlighted that the funding will help with the expansion of the company’s product range.
Fintech Sector
The UK’s fintech ecosystem witnessed rapid growth in 2021. The country's financial technology companies attracted $37.3 billion worth of investments last year. According to Darren Abrahamson, the Managing Director at Bain Capital Tech Opportunities, the recent investment in SumUp will play an important role in the growth of the fintech sector in the UK.
“SumUp’s leadership team has 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,” Abrahamson commented.
