UK-based financial technology company SumUp has secured €285m in a funding round led by Sixth Street Growth, the technology growth investing platform of global investment firm Sixth Street.

The financing round also had participation from Bain Capital Tech Opportunities,  Liquidity Group, and Fin Capital.

SumUp verified that its valuation has increased from the €8bn it attained during its €590m fundraising round in 2022.

Established in 2012, SumUp is said to be the financial partner for over four million small merchants in 36 markets around the world. The firm supports small merchants to start, run, and expand their businesses.

Through its SuperApp, the company offers merchants a free business account and card, an online store, and an invoicing solution.

Besides, the fintech offers in-person and remote payment acceptance, which are easily integrated with its card terminals and point-of-sale registers.

Sixth Street Growth managing director Nari Ansari said: “For over a decade, SumUp has consistently delivered sustained growth and boldly entered and led entirely new product categories and markets.

“This remarkable track record and culture of innovation combined with SumUp’s thoughtful approach to growth and efficiency are well-aligned with Sixth Street Growth’s investing strategy.”

The new capital will help SumUp to expand its global footprint and deliver the tools as well as services that small merchants need for their business.

Furthermore, SumUp recently expanded its product and service suite for small merchants.

The company introduced a cash advance partnership with VPC in the UK, Tap to Pay on iPhone in the UK, France, and the Netherlands. It also launched a membership plan, dubbed SumUp One.

SumUp chief financial officer Hermione McKee said: “Our mission is to create a world where everyone can build a thriving business. The consistent growth SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and support of the investor community.

“We are excited to have Sixth Street join that community. This funding gives us additional firepower to pursue growth opportunities and accelerate products that empower small businesses.”

Weil, Gotshal & Manges served as a legal advisor to SumUp in the fundraising process.