SumUp, a London-based mPOS provider, has raised €590 million in a capital round that values the company at €8 billion - a decrease from the €20 billion valuation it sought earlier this year. 

Bain Capital Tech Opportunities led the round, with participation from BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners funds. 

SumUp, which was founded in 2012, offers small businesses a free business account and card, an online store, and an invoicing solution, in addition to in-person and remote payments connected with its card terminals and point-of-sale registers. 

The company, which employs over 3000 people, is currently utilised by over four million enterprises in 35 countries worldwide. 

In January, it was claimed that SumUp was seeking funding at a valuation of €20 billion, although co-founder Marc-Alexander Christ is "happier" with the lesser valuation. 

Christ relates the following to the Financial Times:

"I can confidently assert that the €8 billion valuation is accurate and reasonable, as it is the price at which the company was valued in the worst markets. I do not believe the price will ever be any lower."