(Bloomberg) -- Payments firm SumUp has raised €285 million ($306 million) to fund international expansion and new products for businesses. 

The raise was mostly equity with some debt and led by Sixth Street Growth alongside Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group, according to a statement on Monday. The London-based company maintained its internal valuation of $8.5 billion. 

“This funding gives us additional firepower to pursue growth opportunities and accelerate products that empower small businesses,” said SumUp Chief Financial Officer Hermione McKee. 

SumUp makes card readers used by more than 4 million merchants and also offers online payment services. It operates in 36 markets around the world, most recently launching in Australia.

Like many fintech companies, SumUp’s valuation has come under pressure after a dizzying ascent, as rising interest rates make funding more difficult. It was seeking to raise funds in early 2022 that would have valued the company at as much as $22 billion, before accepting a valuation of about $8.5 billion in June that year. 

In October, investor Groupon Inc. sold shares in a deal that implied SumUp could be worth as little as $4.1 billion, as part of the former’s own efforts to raise money. Rival payments company Worldline SA cut its sales outlook that same month, sending shares across the sector plunging. 

SumUp’s pretax profit rose to €1.2 million in 2022, while revenue grew by more than half to €150 million, according to Companies House filings. 

“We’ve been able to make that shift, become EBITDA profitable, while maintaining growth at the top line. And I think we’re in a relatively unique position there,” McKee said in an interview. Europe and Brazil were the “dominant” revenue generators, she added. 

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