Feedback: SumUp celebrates its 10th anniversary with a major fundraising event

The FinTech SumUp, specialised in mobile payment for small professionals, has just celebrated its 10th anniversary. This is an important milestone, which allows it to take stock of its development but also to raise funds to support its future projects.

FACTS

• SumUp has just raised nearly €590 million from Bain Capital Tech Opportunities, with the participation of funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital and Sentinel Dome Partners.

• This round of financing will enable the FinTech to reach an estimated valuation of 8 billion euros. In its 10 years of existence, it will have raised a total of nearly 1.5 billion euros.

• SumUp also has more than 4 million corporate clients worldwide, to whom it now offers numerous services within its financial "Super App":

  • a free corporate account and card

  • an online shop,

  • an invoicing solution,

  • and cash register services.

CHALLENGES

• Sustaining its growth: The global health crisis has not slowed down SumUp's deployment ambitions and it claims to have grown by 60% during this period.

• Develop new services: On the strength of this growth and its recent fundraising, SumUp says it now wants to accelerate the development of its services, without giving further details for the moment.

MARKET PERSPECTIVE

• The announcement of SumUp's new fundraising is a breath of fresh air for the FinTech which, despite its sustained growth, is now suffering the effects of an unfavourable economic climate linked to inflation and the fall in technology stocks. SumUp was valued at 20 billion euros at the beginning of the year, compared to "only" 8 billion today.

• SumUp is not the international FinTech most affected by this situation. Klarna has just made the headlines by seeing its valuation fall by 85%, from $45.6 billion last year to $6.5 billion. It is currently seeking to raise new funds after announcing an operating loss of $748 million and a plan to cut 700 jobs (about 10% of its workforce).