Sumup is now worth eight billion euros

The fintech raised 590 million euros in a financing round.

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

"Sumup has consistently received support from the global investment community in its mission to help small merchants succeed," said Marc-Alexander Christ, Sumup co-founder and CFO. "With the funding raised, we can continue to grow our product ecosystem, expand into new markets, make new value-add 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 cafes, cab drivers, restaurants and retailers. In 2012, this cash register startup was founded on the U.S. model Square. Sumup is based in Berlin and London. Sumup now exists in 35 countries, according to the fintech. Peru was added in June.