Over the last ten years, there have been plenty of exciting fintech companies expanding payment options for consumers and businesses alike. However, few have seen the success of SumUp.
With a focus on small and medium-sized enterprises, SumUp has managed to enable companies to take mobile payments and create online stores. This strategy led to SumUp raising €1.5 billion since its inception and growing its headcount to 3,000 people.
Interestingly, this growth continued despite the pandemic, Andrew Helms, US managing director at SumUp, told UNLEASH in October 2021: “Like many businesses the world over, SumUp had to determine the safest way to operate and, in our unique case, to continue supporting merchants as they reacted and adapted to local COVID-19 restrictions in their market.”
This strategy led to a greater emphasis on digital functions like the online store. The company also completed the acquisitions of Fivestars, Goodtill, and Tiller to bolster its offering.
SumUp’s latest funding
In SumUp’s latest round of funding, the company raised €590 million ($624 million). This takes the company to an €8 billion ($8.5 billion) valuation.
The funding comes in the form of 50% equity and 50% debt financing and the round was led by Bain Capital Tech Opportunities. There were additional investors including BlackRock, Centerbridge, and Crestline amongst others.
The investment may be well placed, as SumUp’s expansion into the US and within its offering has led to significant profits. Marc-Alexander Christ, SumUp co-founder and CFO, told TechCrunch that in the last two years revenue has increased by 60% and it has 4 million customers. 10% of these customers are now using SumUp’s banking services.
Discussing the investment, Darren Abrahamson, managing director at Bain Capital Tech Opportunities, said: “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.”
Abrahamson added: “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.”
In terms of what is next for SumUp, Helm previously told UNLEASH that it’s looking to expand its product offering and customer base. Undoubtedly, this investment will help the company continue this journey.
We found search results for
- Case Study
- How To Guide
- Product Spotlight
- Roundtable Insights
- Clear filters