SumUp defies fintech slowdown with $306.5M round

London-based fintech company SumUp has managed to raise $306.5 million (€285 million)  in a growth round led by Sixth Street Growth, even as overall fintech capital raising slows in the region. 

The round comes nearly 18 months after the point-of-sale payments provider raised €590 million in equity and debt at a €8 billion valuation in June last year—significantly below the €20 billion valuation it had reportedly been seeking at the start of 2022. 

This newest capital raise—which includes Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group— is reported to be at a higher valuation than the previous round. In a statement, Sumup said it had seen more than 30% revenue growth year-over-year since Q4 2022 and added that the new capital will go toward expansion into new markets including Australia.  
SumUp's latest fundraise is the fourth-largest VC round for European fintech this year. However, Q3 2023 is on course to be the third consecutive quarter of falling fintech deal count in Europe, with a total of 314 deals as of writing versus 341 the previous quarter. 

The current quarter is also the second consecutive three-month period of falling deal value, with around €3.2 billion in total deal value for the sector. The last peak was in Q2 of this year when some €8.71 billion was invested across 443 deals. Among them was a €275 million round raised by Switzerland-based online lending platform Teylor. However, the largest fintech investment of the year happened in the first three months of the year: a €564 million round involving London-based consumer finance startup Abound in March. 

Featured photo by SOPA Images/Getty Images
 

This article originally appeared on PitchBook News