SumUp, a rival to Jack Dorsey's Block, defies fintech funding slump with $307 million cash injection
British payments startup SumUp, known for its small card readers, on Monday announced it has raised 285 million euros ($306.6 million) in a bumper round of funding that values the company north of $8.6 billion.
Sixth Street Growth, the growth arm of global investment firm Sixth Street, led the investment in SumUp, while existing existing investor Bain Capital Tech Opportunities, fintech investment firm Fin Capital, and debt financing firm Liquidity Group, participated in SumUp's latest round as well. The round predominantly consisted of equity, though a small portion of the funds was raised as debt.
SumUp Chief Financial Officer Hermione McKee said the fresh capital gives the company «more firepower to act on opportunities that we see arising over the course of the next two years.»
«If we think about our geographical expansion, in August we launched Australia as our 36th market globally,» McKee told CNBC in an interview last week ahead of the news.
«We have this foothold in Latin America and there's more expansion that can be done there. Then we look at Asia, how do we think about that region, and then obviously opportunities across Africa. There's so many opportunities globally. We're constantly assessing this 'buy versus build' strategy.»
With this round, the company says it «continues to build further» on the valuation it attained in the summer of 2022, when SumUp was last valued at 8 billion euros ($8.6 billion) in a 2022 funding round that saw the firm raise a whopping 590 million euros of capital for growth and global expansion. A SumUp spokesperson confirmed the deal is an up round, meaning its valuation is higher than it was previously.
That's no small achievement given the state of European technology
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