SAO PAULO, June 23 (Reuters) - Financial services platform SumUp said on Thursday it received a 380 million real ($73.15 million) investment for its Brazilian operation, defying the recent cooling of expectations for high-growth businesses in an environment of higher interest rates.
The investment is part of the London-based company's global effort to raise 590 million euros ($623.22 million), an investment led by Bain Capital and with participation from funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital 8239.HK and Sentinel Dome Partners.
The pledges in the form of both debt and equity increase the fintech's total fundraising to 1.5 billion euros, bringing the company's market value to 8 billion euros ($8.45 billion).
Founded in 2012 with a focus on payment solutions for small retailers, SumUp has around 3,000 employees worldwide and a base of 4 million customers in 35 countries. In Brazil, where it has around 800 employees, it also offers loans and has a marketplace.
The investment reinforces the position of the Brazilian market as one of the five most important for fintech, the president of SumUp for Latin America, Fabiano Camperlingo, said.
"With this round, we will be able to strengthen our mission of offering the best ecosystem of financial solutions for micro and small Brazilian companies," he said in a note.
The announcement comes after SumUp laid off 92 people in May, according to layoffsbrasil.com, with the company attributing the downsizing to global economic instability and rising interest rates.
($1 = 5.1945 reais)
($1 = 0.9467 euros)
(Reporting by Aluísio Alves; Writing by Carolina Pulice; Editing by Leslie Adler)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.