In this photo illustration the SumUp logo is displayed on a smartphone. Shutterstock/ rafapress

British payments startup SumUp has successfully raised £285m (approximately $306.6m) in a funding round led by Sixth Street Growth and Bain Capital Tech Opportunities.

The injection of fresh capital bolsters SumUp’s financial standing, enabling the company to seize opportunities, including potential acquisitions and expansion into new markets.

The funding round confirms that SumUp’s valuation has surpassed the £8.6bn mark, a notable increase from its previous valuation of £8bn in the summer of 2022 when the company raised £590m.

The investment was primarily led by Sixth Street Growth, the growth arm of global investment firm Sixth Street, with participation from existing investor Bain Capital Tech Opportunities, fintech investment firm Fin Capital, and debt financing firm Liquidity Group.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

European technology valuations have faced hardship in the past year, with higher interest rates and macroeconomic challenges prompting investors to shift away from the tech sector.

SumUp, a direct competitor to Jack Dorsey’s Block (formerly Square), has diversified its business lines in recent times, delving into lending services.

The company introduced a service allowing merchants to apply for cash advances or business loans based on their card sales revenues, with a positive response from merchants.

SumUp, which recently launched Apple‘s Tap to Pay feature in the UK and the Netherlands, remains focused on enhancing its point-of-sale offerings.

While the company has no immediate plans for an initial public offering (IPO), SumUp chief financial officer, Hermione McKee, stressed that SumUp has ample access to private capital markets.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.