SumUp eyes $20bn valuation with $500m funding round

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City Editor

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Mike Bane, chair of HICL, said the “solid operating result” reinforced his belief that the company’s shares have been oversold.
Mike Bane, chair of HICL, said the “solid operating result” reinforced his belief that the company’s shares have been oversold.

London-based payments fintech SumUp is eyeing up a $22bn valuation in a new funding round, according to reports.

The firm is looking to raise more than $500m in a round which would make it one of the UK’s most valuable startups, according to Bloomberg.

The raise follows a €750m round in March 2021 from backers including Goldman Sachs, Temasek and Bain Capital Credit, which the firm said it would use to fuel a global expansion and drive a string of acquisitions.

In october the firm snapped up American marketing and payments network Fivestars for $317 million in a mix of cash and stock, which it said would allow it to make sure its “presence is as strong in the U.S. as it is in Europe.”