In a bid to expand its fintech industry, today, the London-based financial technology company, SumUp has revealed that it has raised a total sum of €590 million ($624 million) through a valuation of €8 billion, thereby increasing its merchants to over 4 million small and medium businesses.

The fund is a 50 percent equity and 50 percent debt valued at €8 billion led by Bain Capital Tech Opportunities and includes funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, among others.

According to the fintech industry, the money will be used for acquisitions, hiring more employees, and creating more organic product development.

With these investments, the London-based financial technology firm has expanded its aspirations and evolved into a broader variety of business services utilized by about 4 million small and medium-sized enterprises in not less than 35 regions now.

Over the years, SumUp has been one of the idols of fintechs that made their names with dongles that transformed ordinary smartphones into card payment terminals through enchanting in-person commerce experiences.

In an interview, SumUp co-founder and CFO Marc-Alexander Christ stated that prior to this round, less than €100 million of that sum was equity, implying that dilution is quite minimal despite the big numbers, and there has been little transparency on the company’s valuation.

However, in his reaction, Darren Abrahamson, the MD at Bain Capital Tech Opportunities said the London-based fintech has continually evolved to empower a growing and diverse field of small businesses with payment solutions.

In his words: “SumUp has continually evolved to empower a growing and diverse field of small businesses with payment solutions and tools to efficiently connect with their everyday consumers. SumUp’s leadership team have led the company to sustained and accelerated growth through expansion to more than 30 countries where they have had a direct and positive impact on the small business ecosystem.”

He also added, “We’re proud to contribute our deep fintech and payments experience to aid SumUp’s remarkable ability to push the boundaries and lead an incredibly competitive industry.”

Goldman Sachs International acted as the exclusive placement agent for SumUp.

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