Global fintech SumUp raises €590 million and celebrates 10 years of supporting small merchants
SumUp will use funding to accelerate development of vital and fair financial services and tools to empower small businesses all over the world.
23.06.22 - London: SumUp the financial partner for over 4 million small businesses worldwide, has raised a €590 million funding round that gives the company an enterprise value of €8 billion following a decade of rapid growth and global expansion. The round was led by Bain Capital Tech Opportunities, with participation from funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, among others. This latest round is a combination of debt and equity and brings SumUp's total capital raised to €1.5 billion.
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. 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. 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.”
Darren Abrahamson, a Managing Director at Bain Capital Tech Opportunities, added: “SumUp has continually evolved to empower a growing and diverse field of small businesses with payment solutions and tools to efficiently connect with their everyday consumers. SumUp’s leadership team have 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.”
Bain Capital has deep global investment experience across the payments and e-commerce sectors, having invested in and added value to a wide-range of companies at all stages of their growth cycle.
Goldman Sachs International acted as exclusive placement agent for SumUp. Weil, Gotshal & Manges acted as legal adviser to SumUp on the financing.