SumUp Secures €285M in Growth Funding to Ride Out Fintech Turmoil
Fintech company SumUp has raised €285 million in growth funding to expand its business organically and explore mergers and acquisitions. The funding comes at a time when the fintech market is facing tighter funding conditions, with a 36% decrease in funding globally in the last quarter. SumUp plans to use the funds to launch more financial services, expand into new geographies, and strengthen its position in the market. Despite recent challenges, including a decrease in valuation, SumUp remains positive on an EBITDA basis and has achieved over 30% year-on-year growth.