based SumUP could reach near $9 bln valuation in new share sale, sources say
By Amy-Jo Crowley
LONDON, Oct 1 (Reuters) -UK-based payments group SumUp is planning a new share sale that could value the privately-held group at more than 8 billion euros ($8.87 billion), two people familiar with the matter said.
It would be the latest European fintech to pursue a share sale, after UK fintech Revolut secured a $45 billion valuation in August in a share sale by employees to investors including Coatue, D1 Capital Partners and Tiger Global.
Sweden's Klarna is also exploring a share sale as it prepares for stock market floatation in the U.S., according to Bloomberg.
SumUp, which provides payments services for small merchants, is working with Goldman Sachs to sell 200 million to 400 million euros worth of existing shares, including those held by the founders and some early-stage investors, the people said.
The deliberations are at an initial phase and SumUp may decide not to proceed with any transaction, the sources said, speaking on condition of anonymity because they were not authorized to speak publicly.
A representative for SumUp and Goldman Sachs declined to comment on the sale.
SumUp was founded by Daniel Klein, Marc-Alexander Christ, Stefan Jeschonnek and Jan Deepen in 2012. The company is targeting 160 million euros of earnings before interest, tax, depreciation and amortisation (EBITDA) for this year, one of the people said.
SumUp raised 285 million euros in a funding round led by Sixth Street last December, which CFO Hermione McKee said at the time valued the company at more than $8.5 billion, according to a CNBC report. Previous investors in SumUp including Bain Capital Tech Opportunities, Fin Capital and Liquidity Group also participated in the round, the company has said.
SumUp works with more than four million businesses, supplying them with card readers so they can take payments card, as well as other payment services, according to its website.
The company raised $1.5 billion of funds from private credit lenders in May in a deal led by Goldman Sachs, according to a company announcement.
Previous acquisitions include that of U.S. customer loyalty site Fivestars, for $317 million in 2021.
($1 = 0.9016 euros)
Reporting by Amy-Jo Crowley. Editing and additional reporting by Anousha Sakoui; editing by David Evans
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