This news comes on the heels of its Series E round. The funding will help SumUp explore acquisition opportunities. Here are the top-line bullets you need to know.
SumUp, a provider of card readers and payment solutions, has raised $624M in a mix of debt and equity. The Series E equity round drew participation from Bain Capital Tech Opportunities, BlackRock, Crestline Investors, and Fin Capital, among others. The debt financing was provided by undisclosed investors.
How’s the company performing?
- UK-based SumUp helps businesses accept payments across in-store and digital channels.
- The company caters to over 4M SMBs across 35 markets.
- SumUp has witnessed 60% revenue growth each year for the past couple of years.
- It is currently supported by a team of around 3K employees.
Why does the market matter?
- The global digital payment market is expected to reach a value of $361.3B by 2030, growing at a CAGR of 20.5%, according to Grand View Research.
- Equity deals to private payments companies saw a record-breaking quarter in Q1’22, growing 37% quarter-over-quarter (QoQ) to 261.
- The US led in total payments deals globally with 87 in Q1’22 — a record high for the region, up 61% QoQ.
- The pandemic-induced rise in demand for contactless payment methods, including mobile wallets and contactless cards, has contributed to growth in this market.