SumUp Seeks Fresh Capital at $22B Valuation

London-based global payments service provider SumUp could launch a fundraising round that would value the company at about 20 billion euros (about $22 billion), Bloomberg reported Wednesday (Jan. 26).

SumUp could push to raise more than 500 million euros (about $562 million) from investors in the proposed funding round, according to the report, a move that would make the company one of the U.K.’s most valuable startups.

The talks about seeking fresh capital are “in the early stages,” the report stated, and SumUp officials haven’t decided when they would launch the fundraising round or how much they would seek.

A SumUp representative declined comment, according to the report.

SumUp’s card readers can be used by merchants to accept credit, debit and contactless payments in person. The company also offers links to allow online payment acceptance, invoicing and QR codes. It raised 750 million euros (about $843 million) in March from new and existing investors, the report stated.

Late last year, SumUp bought San Francisco-based Fivestars in another step toward becoming a one-stop service provider for small businesses, according to the report.

In November, SumUp unveiled Business Accounts, which help the company’s merchants in the U.K. and Europe send sales payments directly into their accounts. SumUp called the offering the centerpiece of its plan to broaden the tools it offers its merchants.

Read more: SumUp Launches Business Accounts for Faster Deposits

SumUp Business Accounts allow merchants to use their account numbers and source codes with services already offered by SumUp, including a point-of-sale (POS) card reader, invoicing, SumUp Card, payment links and more, with the goal of streamlining operations for small- to-medium-sized businesses (SMBs) and reducing their reliance on banks.

Dimitri Gugunava, vice president of Banking at SumUp, said SumUp Business Accounts “will offer a seamless experience to merchants with fast-paced operations managing their businesses on the go.”