Fintech SumUp's Brazil unit raises $73 mln in funding round

Capital Finance Holdings

23/06/2022 11:30

SAO PAULO, June 23 (Reuters) - Financial services platform
SumUp said on Thursday it received a 380 million real ($73.15
million) investment for its Brazilian operation, defying the
recent cooling of expectations for high-growth businesses in an
environment of higher interest rates.
    The investment is part of the London-based company's global
effort to raise 590 million euros ($623.22 million), an
investment led by Bain Capital and with participation from funds
managed by BlackRock, btov Partners, Centerbridge, Crestline,
Fin Capital  8239.HK  and Sentinel Dome Partners.
    The pledges in the form of both debt and equity increase the
fintech's total fundraising to 1.5 billion euros, bringing the
company's market value to 8 billion euros ($8.45 billion).
    Founded in 2012 with a focus on payment solutions for small
retailers, SumUp has around 3,000 employees worldwide and a base
of 4 million customers in 35 countries. In Brazil, where it has
around 800 employees, it also offers loans and has a
marketplace.
    The investment reinforces the position of the Brazilian
market as one of the five most important for fintech, the
president of SumUp for Latin America, Fabiano Camperlingo, said.
    "With this round, we will be able to strengthen our mission
of offering the best ecosystem of financial solutions for micro
and small Brazilian companies," he said in a note.
    The announcement comes after SumUp laid off 92 people in
May, according to layoffsbrasil.com, with the company
attributing the downsizing to global economic instability and
rising interest rates.

($1 = 5.1945 reais)

($1 = 0.9467 euros)

 (Reporting by Aluísio Alves; Writing by Carolina Pulice;
Editing by Leslie Adler)
 ((mailto:carolina.pulice@thomsonreuters.com))