UK-based financial technology company SumUp has secured €590m in a financing round led by investment firm Bain Capital Tech Opportunities.

Investors including funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, also participated in the funding round.

The latest financing round, which contains both debt and equity, will increase the company’s total capital raised to €1.5bn and its total enterprise value to €8bn.

SumUp intends to use the funds to strengthen its product ecosystem, expand into new markets, pursue acquisitions, and continue to empower small merchants worldwide.

Bain Capital is focused on investing in companies across the payments and e-commerce sectors, at all stages of their growth cycle.

Bain Capital Tech Opportunities managing director Darren Abrahamson said: “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.

“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.”

Established in 2012, SumUp offers fair, easy, and reliable payment solutions to help small merchants start, run and grow their businesses.

Its financial services super app provides merchants with a free business account and card, an online store, and an invoicing solution.

In addition, it enables in-person and remote payments integrated with SumUp’s exclusive card terminals and point-of-sale registers.

SumUp has a team of more than 3,000 people supporting merchants in 35 countries worldwide, with Peru being the most recent.

The company has expanded into point-of-sale solutions and is expanding into the restaurant and retail sectors with the acquisitions of Goodtill, Tiller, and Fivestars.

SumUp co-founder and CFO Marc-Alexander Christ said: “SumUp has received consistent support from the global investment community in our mission to help small merchants succeed.

“We stand by our merchants whatever the circumstance ‒ whether that be COVID or macroeconomic uncertainty. Our ability to organically grow 60+% through the challenges of recent years shows that we are there for merchants when they need support most.

“I am very proud of the team for completing a successful financing round in the current market with marquee investors – it’s indicative of our strength, execution, and potential.”

Goldman Sachs International served as exclusive placement agent and Weil, Gotshal & Manges as legal adviser to SumUp on the transaction.