Fintech SumUp receives investment of up to R$380 million for Brazilian unit

Financial services platform SumUp announced this Thursday (23) that it has received an investment of around R$380 million for its Brazilian operation, defying the recent cooling of expectations for high-growth businesses, in an environment of higher interest rates. In all world.

The investment is part of a global fundraising of 590 million euros (R$ 3.2 billion) in the London-based company, an investment led by Bain Capital, with participation of funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital and Sentinel Dome Partners.

The contribution, a combination of debt and equity, raises the amount already raised by fintech to 1.5 billion euros (R$ 8.1 billion), bringing the company’s market value to 8 billion euros (R$ 43, 5 billion).

Created in 2012 with a focus on payment solutions for small retailers, SumUp currently 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.

According to Fabiano Camperlingo, president of SumUp for Latin America, the investment reinforces the position of the Brazilian market as one of the five most important for fintech.

“With this round, we will be able to strengthen our mission of offering the best ecosystem of financial solutions for Brazilian micro and small companies,” he said in a statement.

The announcement comes at a time when several startups, including fintechs, have announced layoffs in Brazil as part of the adjustment to a scenario of higher interest rates and a drop in the valuation of high-growth companies.

SumUp itself laid off 92 people in May, according to layoffsbrasil.com, with the company attributing the downsizing to global economic instability and rising interest rates.

Source: Reuters