- E-commerce funds enabler SumUp raised $624 million (€590 million) in a mixture of fairness and debt financing this week.
- The funding spherical was led by Bain Capital Tech Alternatives.
- This week’s funding offers SumUp a valuation of $8.5 billion (€8 billion).
In a spherical led by Bain Capital Tech Alternatives – and that includes participation from funds managed by BlackRock, btov Companions, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Companions – e-commerce funds innovator SumUp has secured an funding of $624 million (€590 million). The funding offers the London-based firm a valuation of $8.5 billion (€8 billion). SumUp co-founder Marc-Alexander Christ stated in a press release that the capital will “allow us to proceed to construct out our product ecosystem, broaden into new markets, (and) pursue value-adding acquisitions.”
The funding was a 50/50 mixture of debt and fairness and contains SumUp’s first fairness infusion since 2017. The corporate’s whole funding stands at $1.6 billion – most of which is debt financing. SumUp secured €750 million in debt funding in 2021.
In an interview with the Monetary Occasions, Christ referred to as the corporate’s new valuation “true and truthful”. This assertion comes months after it was reported that SumUp was searching for an funding that may give the corporate a considerably increased valuation – to the tune of $21 billion (€20 billion). Christ urged that the present valuation displays “the value folks placed on the corporate within the worst of markets” and that SumUp’s valuation was unlikely to maneuver any decrease sooner or later.
SumUp gained Better of Present in its Finovate debut at FinovateEurope 2013 in London. Within the years since, the corporate has grown to serve greater than 4 million companies with its cost options that vary from card readers and level of sale options to enterprise accounts and invoicing. The corporate started this yr teaming up with Worldpay from FIS to help its world enlargement efforts. SumUp will use Worldpay’s world buying companies, together with authorization, clearing and settlement, dispute administration and information insights.
Additionally this yr, SumUp introduced a referral take care of Latin American and European e-commerce platform PrestaShop. The partnership gave “lots of of hundreds” of retailers on the PrestaShop platform entry to SumUp’s product suite of cost options and enterprise instruments. Almost 300,000 web sites depend on PrestaShop’s know-how, and the corporate sees its collaboration with SumUp as a part of its technique to allow extra retailers to launch and scale their companies.
“By partnering with PrestaShop, we’ll proceed to broaden our help for digital transformation of small companies, by making certain their services are additionally obtainable on-line for his or her clients,” SumUp Head of Gross sales and Partnerships James Henry stated. “Our partnership will allow retailers with a seamless and safe cost expertise for all main credit score and debit playing cards, an essential device in enabling small enterprise success in right this moment’s atmosphere.”
Based in 2012, SumUp is headquartered in London. Daniel Klein is founder and CEO.
Photograph by Artem Beliaikin
