London-based fintech startup SumUp, founded by Daniel Klein, Jan Deepen, Marc-Alexander Christ, and Stefan Jeschonnek,which serves approximately 4 million small businesses across Europe, the Americas, and Australia with payment and related services, has successfully raised €285M (around $307M).
- Funding Allocation: Propel organic business expansion, focusing on launching more financial services tied to their point-of-sale tools and exploring potential entry into markets beyond the 36 where SumUp is currently active.
- Investor Line-Up: This latest round was led by Sixth Street Growth, with the participation of previous backers Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group.
- Funding and Valuation Details: Hermione McKee, SumUp’s CFO, commented that the round was “mostly equity” but did not disclose further details. She also refrained from specifying SumUp’s valuation, only indicating that it surpasses the $8.5B mark attained in 2022 when the company raised €590M.
- Profitability Status: Despite the financial turbulence, SumUp asserts it has been EBITDA positive since Q4 2022, and it has observed over 30 percent top-line growth YoY. However, its customer base has remained unchanged at roughly 4 million over the past two years.
This investment news comes amidst other shaky data points for the company, including Groupon’s disclosure a few months ago of selling part of its stake in SumUp at less than half the company’s worth in 2022.
