British payments startup SumUp has successfully raised £285m (approximately $306.6m) in a funding round led by Sixth Street Growth and Bain Capital Tech Opportunities.

The injection of fresh capital bolsters SumUp’s financial standing, enabling the company to seize opportunities, including potential acquisitions and expansion into new markets.

The funding round confirms that SumUp’s valuation has surpassed the £8.6bn mark, a notable increase from its previous valuation of £8bn in the summer of 2022 when the company raised £590m.

The investment was primarily led by Sixth Street Growth, the growth arm of global investment firm Sixth Street, with participation from existing investor Bain Capital Tech Opportunities, fintech investment firm Fin Capital, and debt financing firm Liquidity Group.

European technology valuations have faced hardship in the past year, with higher interest rates and macroeconomic challenges prompting investors to shift away from the tech sector.

SumUp, a direct competitor to Jack Dorsey’s Block (formerly Square), has diversified its business lines in recent times, delving into lending services.

The company introduced a service allowing merchants to apply for cash advances or business loans based on their card sales revenues, with a positive response from merchants.

SumUp, which recently launched Apple‘s Tap to Pay feature in the UK and the Netherlands, remains focused on enhancing its point-of-sale offerings.

While the company has no immediate plans for an initial public offering (IPO), SumUp chief financial officer, Hermione McKee, stressed that SumUp has ample access to private capital markets.

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