Large financing rounds continue to occur amid the economic downturn and the FinTech cool-off. The 10-year-old London-based SumUp (website) has raised €590 million in new funding round at an €8 billion valuation. These are impressive numbers and a significant amount in times of cautious VC investors bringing the FinTech’s total financing to €1.5 billion.
The funding round was led by Bain Capital Tech Opportunities – with participation from funds managed by Black Rock, BTOV Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, among others. Also on board for the transaction were Goldman Sachs International as advisory bank and Weil, Gotshal & Manges as legal counsel to Sumup on the financing.
FinTech SumUp has now been operating in the market for ten years. Today, Sumup serves over 4 million merchants in 35 markets worldwide. Its financial services app provides merchants with on-site and remote payment solutions that integrate seamlessly with Sumup’s card terminals and point-of-sale systems. Also included in the offering are online store solutions, invoicing, and other services.
This latest round of funding combines debt and equity, bringing the FinTech’s total financing to €1.5 billion. SumUp’s new valuation is stated to be an optimistic €8 billion.
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