Despite recession fears and the FinTech cool-off, the 10-year-old London-based PayTech SumUp (website) has secured $624 million in new funding round at an $8.5B valuation, a significant drop from its $22B valuation earlier this year. However, it is still an impressive transaction in times of cautious VC investors bringing the company’s total financing volume to $1.6B. SumUp serves more than 4 million merchants in 35 markets worldwide. Marc-Alexander Christ and his friends founded the PayTech in 2012.
The funding round was led by Bain Capital Tech Opportunities – with participation from funds managed by Black Rock, BTOV Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, among others. Also on board for the transaction were Goldman Sachs International as advisory bank and Weil, Gotshal & Manges as legal counsel to Sumup on the financing.
Marc-Alexander Christ, Petter Made, Jan Deepen, and Stefan Jeschonnek founded SumUp in 2012. The PayTech offers physical card readers and manages payments in online stores and serves 4M merchants in 35 countries with 3,000 employees.
FinTech SumUp has now been operating in the market for ten years. Today, Sumup serves over 4 million merchants in 35 markets worldwide. Its financial services app provides merchants with on-site and remote payment solutions that integrate seamlessly with Sumup‘s card terminals and point-of-sale systems. Also included in the offering are online store solutions, invoicing, and other services.
