SumUp Raises €285M Amid Fintech Funding Slump

The British payments startup plans to use the funds for organic growth, launching more financial services, and expanding into new geographies.

SumUp, a British payments startup, has raised €285 million ($307 million) in a funding round led by Sixth Street Growth, despite a 70% drop in fintech funding in Europe in H1 2023.
The company, valued north of $8.6 billion, plans to use the funds for organic growth, launching more financial services, and expanding into new geographies beyond the 36 where it is currently active.
SumUp, which provides payments and related services to some 4 million small businesses globally, is also considering mergers and acquisitions as part of its growth strategy.
Despite the challenging fintech market, SumUp has shown consistent growth, with a 30% year-over-year increase, and has been positive on an EBITDA basis since Q4 2022.
SumUp's CFO, Hermione McKee, stated that the fresh capital gives the company 'more firepower to act on opportunities,' including acquisitions and new country launches.