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Payment service provider Sumup has completed a financial injection of 285 million euros (about 270 million francs) to expand internationally. The funding round is led by venture capitalist Sixth Street Growth. Investors Bain Capital Tech Opportunities, Fin Capital and Liquidity Capital also took part, Sumup announced Monday.
The German-British start-up was founded in 2012 by five German entrepreneurs in London and Berlin. Sumup primarily sells mobile readers for payments with debit and credit cards. The range of products and services now includes merchant accounts, online stores and integration solutions into billing and cash register systems.
The company has grown significantly since 2016, including mergers and acquisitions of companies such as Payleven (Germany), Shoplo (Poland), Debitoor (Denmark), Goodtill (UK) and Fivestars (US). An important milestone of this year was the cooperation agreement with Apple.
Thanks to the Tap to Pay feature on iPhone, Sumup merchants can now accept any contactless payment, including Apple Pay, contactless credit and debit cards, and other digital wallets, without the need for additional hardware. Sumup currently offers the solution in Great Britain, France and the Netherlands.
Sumup did not disclose Monday how much higher the company would be valued after the latest round of financing. Last year, investors had already invested 590 million euros in the start-up. At that time, the company was valued at around 8 billion euros. With the new round, the total financing reaches almost 1.8 billion euros. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
