SumUp: Payment platform has raised $620 million in its latest round of financing enters Peru

SumUp was founded in 2012 and entered Peru in the second quarter of 2022 to provide payment solutions aimed at small merchants. The global firm has announced the closing of a financing round for US$620 million, which values the fintech at more than US$8 billion, which will be used to accelerate the development of new products globally and boost growth in new markets such as Colombia, Chile and Peru.

The round was led by Bain Capital Tech Opportunities, with the participation of funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital and Sentinel Dome Partners, among other investors, who decided to bet on SumUp’s business model and vision for growth of small and medium businesses around the world.

SumUp seeks to position itself globally as a Super App of financial services for MYPEs and entrepreneurs, where its customers find more than wireless POS, QR or payment links, but additional services such as deposit accounts, debit cards, billing and even microloans. and credit products. To date, the company has managed to consolidate a team of more than 3,000 collaborators globally, serving more than 4 million businesses in 35 countries around the world.

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Regarding the impact of this round in the Peruvian market, Ximena Vargas, General Manager of SumUp in Peru added: “The Peruvian market has immense potential. The services sector represents more than 50% of the Peruvian economy and there are more than 2 million SMEs, of which 90% are micro-traders. The objective is to maximize your sales through the various payment facilities that we bring to the country. The acceptance of both national and international cards under the same commission is just the beginning and a great initiative so that entrepreneurs can grow as they deserve.”.

For its first year of operation, SumUp expects to process more than S/.30 million in transactions for micro and small entrepreneurs. In addition, they seek to penetrate the various departments of Peru, through a program of consulting partners, since there is a large potential market with businesses that are not adequately served: the food, commercial, tourist, gastronomic, entertainment, services, etc. education, among others.

SumUp seeks to position itself globally as a Super App of financial services for MYPEs and entrepreneurs, where its clients find additional services such as deposit accounts, debit cards, billing and even microloans and credit products.