SumUp raises $624M at $8.5B valuation

A decade ago, SumUp was one of the army of fintechs that made names for themselves with dongles that turned basic smartphones into card payment terminals. Today, the London-based company has expanded into a wider range of business services that are used by some 4 million small and medium businesses in 35 markets, and as it continues to scale out its ambitions, it’s closed in on a major round of funding of €590 million ($624 million).

The money will be used for acquisitions, more hiring (it now employs some 3,000 people), and more organic product development, the company said.

Read more: TechCrunch