SumUp’s Brazil unit closes $73m funding round

SumUp, a financial services platform, announced on Thursday that it has acquired a 380 million real ($73.15 million) investment for its Brazilian operation, defying recent trends that have seen high-growth companies’ expectations dwindle in an environment of rising interest rates.

The investment, which is being spearheaded by Bain Capital and includes funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, is a part of the London-based company’s global push to raise 590 million euros ($623.22 million).

The fintech raised a total of 1.5 billion euros in pledges in both debt and stock, pushing the company’s market worth to 8 billion euros ($8.45 billion).

SumUp, which was established in 2012 with an emphasis on payment options for small shops, employs about 3,000 people worldwide and has a customer base of 4 million people in 35 different countries. It also provides loans and has a marketplace in Brazil, where it employs about 800 people.