On a mission to empower small businesses all over the world with simple and reliable payment processes, London-based startup SumUp has secured a massive €590 million – giving the company an enterprise value of €8 billion.
Founded in 2012, SumUp is celebrating 10 years of business and is doing so in style having just picked up an incredible €590 million. Based in London and with global reach, SumUp is helping small merchants start, run and grow their businesses with its fintech tools and it’s been growing fast.
This new funding brings the company’s total capital raised to €1.5 billion, and with a value of €8 billion, it’s one of Europe’s most exciting unicorns. This funding 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.
SumUp’s financial services Super App provides merchants with a free business account and card, an online store, and an invoicing solution. It also offers in-person and remote payments that are seamlessly integrated with 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 the service.
The company, which counts a team of over 3k people, has grown at a rapid pace. We chatted to co-founder Marc Alexander Christ back in 2018 to find out more about scaling internationally and the importance of building a strong team.
Today, the fintech unicorn is supporting merchants in 35 countries across the globe, with Peru being the most recent launch (June 2022). It has also been expanding into point-of-sale solutions, with the acquisitions of Goodtill, Tiller, and Fivestars, as well as expanding its footprint within the restaurant and retail sectors. There’s scope to go further, and it will be exciting to see what happens next.
Marc-Alexander Christ, SumUp co-founder and CFO, commented: “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 levelling the playing field for small merchants at a global scale.”