Sumup is now worth eight billion euros

The fintech has raised 590 million euros in a financing round.

Although things are difficult for fintechs at the moment, the German-British payment service provider Sumup was able to increase its valuation to eight billion euros. The start-up raised more than 590 million euros in a financing round. Bain Capital Tech Opportunities led the round, with funds managed by Blackrock, Btov Partners, Centerbridge, Crestline, Fin Capital and Sentinel Dome Partners, among others, also investing. The financing round is a combination of debt and equity and, according to Sumup, brings the total funding to 1.5 billion euros.

"Sumup has consistently received support from the global investor community in its mission to help small merchants succeed," said Marc-Alexander Christ, Sumup co-founder and CFO. "The funds raised will allow us to further grow our product ecosystem, expand into new markets, make new value-adding acquisitions and further level the playing field for small merchants on a global scale."

The fintech sells mobile readers for cashless payments primarily to small businesses such as cafés, cab drivers, restaurants and retailers. This cash register start-up was founded in 2012 based on the American model Square. Sumup is based in Berlin and London. According to the fintech company, Sumup is now available in 35 countries. Peru was added in June.