London, UK-based fintech startup SumUp has secured US$620 million (€590 million) in funding. The funding round was led by Bain Capital Tech Opportunities, along with the participation from BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners.
This latest investment brings the company’s total capital raised to US$1.58 billion ($1.5 billion).
Founded in 2012, SumUp’s aim is to help small merchants start, run and grow their businesses with its fintech tools and it’s been growing fast. Its financial advisor app Super App provides merchants with free financial amenities along with in-person and remote payments options seamlessly integrated with POS registers and terminals. British fintech counts over 4 million businesses as its customer base.
With the latest funding, the company plans to expand its team of over 3,000 employees as well as scale internationally for accelerated growth. Recently, the company had acquired startups like Goodtill, Tiller and Fivestars to expand on their point-of-sale solutions.
Marc-Alexander Christ, SumUp co-founder and CFO, said, “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.”
He also added that he is very proud of the team for completing a successful financing round in the current market with marquee investors which is indicative of the startup’s strength, execution, and potential. The funds they have raised will enable us to continue to build out their product ecosystem, expand into new markets, pursue value-adding acquisitions, and continue leveling the playing field for small merchants at a global scale.