Payment Company SumUp Raises EUR 590 Million in Latest Funding Round

London-based payments firm SumUp said on Thursday it raised 590 million euros ($623 million) in its latest funding round, giving it an overall enterprise value of 8 billion euros.

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The latest round, which involved a combination of equity and debt, brings the total amount of capital raised to 1.5 billion euros, said SumUp, which counts U.S.-based Block's SQ.N Square and PayPal's PYPL.O Zettle among competitors and is active in 35 countries.

"The funds we've raised will enable us to continue to build out our product ecosystem, expand into new markets, pursue value-adding acquisitions,"said co-founder Marc-Alexander Christ in a statement.

BlackRock BLK.N, Centerbridge and Crestline were among the participants in the funding round led by Bain Capital Tech Opportunities.

SumUp supports over 3.5 million merchants in over 30 markets. The fintech offers tailor-made digital business solutions to small businesses and entrepreneurs, allowing them to run their business as well as pay simply, easily and securely with a range of card readers and multiple remote payment solutions such as invoices, gift cards and payment links.

Source: Nasdaq