Cell point-of-sale (mPOS) startup SumUp raised €590 million at a valuation of €8 billion, a big drop from its €20 billion valuation earlier this yr.
Marc-Alexander Christ, SumUp CEO, instructed Monetary Instances that the corporate determined to maneuver ahead with the fundraise as a method to instill a way of confidence and provides “peace of thoughts to buyers, that even throughout a black swan occasion . . . we are able to nonetheless elevate cash.”
See additionally: SumUp Seeks Contemporary Capital at $22B Valuation
In January, SumUp was in search of to boost $562 million at a valuation of $22 billion, which might have made the corporate one of many U.Okay.’s most useful startups, PYMNTS reported on the time.
Co-founded in 2012 by CFO Marc-Alexander Christ, COO Petter Made, Jan Deepen, and Stefan Jeschonnek, and headquartered in London, SumUp presents bodily card readers and manages funds in on-line shops. The corporate now has over 3,000 workers supporting virtually 4 million retailers in 35 international locations worldwide, having launched the Peru market in 2022.
Associated: PayPal Rival SumUp Snags Fivestars For $317M
Current acquisitions embrace Goodtill, Tiller, and Fivestars. The acquisition of Fivestars gave SumUp entry to Fivestars’ 70 million client members and 12,000 small companies, which drives $3 billion in gross sales and 100 million transactions yearly, PYMNTS reported final November.
The funding spherical, the startup’s first since 2017, was a mix of debt and fairness and was led by Bain Capital Tech Alternatives with participation by BlackRock, Centrebridge, Crestline, and others. The brand new capital brings the corporate’s complete funding raised up to now to $1.6 billion.
Learn extra: 2022’s Nice FinTech Refocus Will Usher in New Names and Priorities
Christ instructed FT it was simpler to be valued at €8 billion and he was “happier.” He identified that the worth continues to be 20 instances greater than it was 5 years in the past.
“It positively makes life simpler,” he stated. “I can very comfortably say the €8bn is a real and honest valuation, as a result of that’s the worth folks placed on the corporate within the worst of markets. I don’t assume the worth will ever be any decrease than that.”
——————————
NEW PYMNTS DATA: THE TAILORED SHOPPING EXPERIENCE STUDY – MAY 2022
About: PYMNTS’ survey of two,094 customers for The Tailor-made Buying Expertise report, a collaboration with Elastic Path, exhibits the place retailers are getting it proper and the place they should up their sport to ship a personalized purchasing expertise.
