Startup SumUp continues to expand its list of services
SumUp, which provides services in the fintech sector, conducted a financing round. It managed to raise $624 million, with a business valuation of $8.5 billion. BlackRock, Centerbridge, Bain Capital, and others participated in the round.
The startup’s product SumUp is aimed at small and medium-sized businesses. It can be used to make payment transactions through cards, both at the point of sale and through physical readers on various devices. The company also provides business banking services, in the online payment sector and others. SumUp has more than 4 million customers in 35 countries.
The funds received during the financing round will be used to expand the staff so that the startup will be able to serve even more clients. In addition, the company plans to further develop products and increase the list of services.
SumUp regularly analyzes the needs that arise for business representatives in order to provide them with the right solutions. The startup develops fintech products that help companies and their clients make payment transactions quickly and safely. The startup was founded in 2012 in London, and its activities are focused primarily on the market in Europe. At the same time, the company provides its services in other regions as well, for example, it recently became available to customers in Peru.
SumUp’s partner is PrestaShop, an e-commerce platform that operates in the European and Latin American markets. Thanks to the fintech startup, quick payments can be made on the platform from almost all cards. The company has offices and representative offices in various countries, including the U.S., the Netherlands, Italy, Chile, Brazil, and others.
SumUp’s previous funding round brought in 590 million euros, and it has invested more than 1.5 billion euros in fintech in total over the entire period of its existence. The company’s main product is a special card reader that identifies both chips, along with RFID and NFC. In addition, the developer offers special point-of-sale systems, NFC terminals, and other products.
In 2016, SumUp made a merger deal with the German company Payleven, which was the startup’s competitor in the market. In 2019, the British fintech company acquired Shoplo, an e-commerce platform, and Danish software developer Debitoor, which offers an invoice generation product. The software is focused on use by freelancers, medium and small businesses.
In addition, SumUp regularly enters into partnership agreements with various companies, which allows it to expand its range of services and attract new customers.