London-based mPOS vendor SumUp has raised €590 million in a funding round that values the firm at €8 billion - down from the €20 billion valuation it was seeking early this year.
The round was led by Bain Capital Tech Opportunities, with participation from funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners.
Founded in 2012, SumUp now provides small businesses with a free business account and card, an online store, and an invoicing solution, as well as in-person and remote payments integrated with its card terminals and point-of-sale registers.
The firm, which has a team of over 3000 people, is now used by more than four million businesses in 35 countries around the world.
In January it was reported that SumUp was seeking to raise funds at a €20 billion valuation but co-founder Marc-Alexander Christ says he is "happier" with the lower price tag.
Christ tells the Financial Times: "I can very comfortably say the €8 billion is a true and fair valuation, because that’s the price people put on the company in the worst of markets. I don’t think the price will ever be any lower than that."