London-based mPOS vendor SumUp has raised €590 million in a funding round that values the firm at €8 billion – down from the €20 billion valuation it was seeking in January this year. SumUp will use funding to accelerate development of vital and fair financial services and tools to empower small businesses all over the world.
„SumUp the financial partner for over 4 million small businesses worldwide, has raised a €590 million ($624 million) funding round that gives the company an enterprise value of €8 billion ($8.5 billion) following a decade of rapid growth and global expansion. This latest round is a combination of debt and equity and brings SumUp’s total capital raised to €1.5 billion ($1.6 billion),” according to the press release.
SumUp was founded in 2012 to help small merchants start, run and grow their business through a fair, easy, and reliable payment solution. Today, its financial services Super App provides merchants with a free business account and card, an online store, and an invoicing solution, as well as in-person and remote payments seamlessly integrated with SumUp’s proprietary card terminals and point-of-sale registers.
More than 4 million businesses ‒ from taxi drivers and coffee shop owners to large sports stadiums ‒ trust SumUp to deliver when it matters.
SumUp’s team of over 3,000 people supports merchants in 35 countries worldwide, with Peru (launched in June 2022) being the company’s most recent new market. In recent years, SumUp has also expanded into point-of-sale solutions, and with the acquisitions of Goodtill, Tiller, and Fivestars, the company is rapidly expanding its footprint within the restaurant and retail sectors.
Marc-Alexander Christ, SumUp co-founder and CFO, said of the round: “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. (…) 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.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
