SumUp secures nearly €300m in latest fundraising

British payments firm SumUp has raised €285m to fund further expansion, it was confirmed on Monday.

The funding was led by Sixth Street Growth - part of US investment firm Sixth Street - and backed by Bain Capital Tech Opportunities, Fin Capital and Liquidity Group.

SumUp, which was founded in 2012 and specialises in small card readers, said the financing would enable it to "continue innovating in meaningful ways to support small business around the globe".

It recently launched in Australia, taking the number of markets it operates in to 36. Around 4m businesses now use its products and financial services, and the latest fundraising takes its valuation to over €8bn.

Hermione McKee, chief financial officer, said: "The consistent growth SumUp has shown over the past 11 years is a direct result of the success of the merchants we serve.

"“This funding gives us additional ability to pursue growth opportunities and accelerate product developments."

Nari Ansari, managing director at Sixth Street Growth, said: "For over a decade, SumUp has consistently delivered sustained growth and entered and led entirely new product categories and markets.

"We are excited to partner with the SumUp team to help them in this next phase of growth."