London payments firm SumUp has scored a 590 million euro (£507 million) cash injection from major investors to fuel the company’s growth.
The start-up was founded in 2012 to provide a payment system that helps small merchants start and run their business.
It now boasts a team of more than 3,000 people who support merchants in 35 countries.
The £507 million fundraising was led by American investment firm Bain Capital Tech Opportunities, with other investment companies including BlackRock and Fin Capital also pitching in.
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, SumUp
So far, SumUp, which counts four million small businesses among its customers, has raised 1.5 billion euros (£1.29 million) since starting and is valued at 8.0 billion euros (£6.9 billion), following the latest fundraising news.
Marc-Alexander Christ, SumUp co-founder and chief financial officer, said that he is “very proud” of his team’s efforts in the fundraising drive.
“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,” he said.
“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 levelling the playing field for small merchants at a global scale.”
He added that the company stand by its merchants “whatever the circumstance – whether that be Covid or macroeconomic uncertainty”.
Darren Abrahamson, a managing director at Bain Capital Tech Opportunities, said: “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.”
The firm’s Super App provides merchants with a free, business account and card, an online store, and an invoicing solution, which are integrated with SumUp’s proprietary card terminals and point-of-sale registers.
In recent years, SumUp has expanded into point-of-sale solutions, with the acquisition of payment and marketing solutions business Fivestars and Goodtill.