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Payment Company SumUp Breaks Through Fintech Slump with €285M Fundraising And €8B Valuation!

Alex
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Payment Company SumUp Breaks Through Fintech Slump with €285M Fundraising And €8B Valuation!
  • British payments startup SumUp has raised €285 million ($306.6 million) in an investment led by Sixth Street Growth and Bain Capital Tech Opportunities.
  • SumUp Chief Financial Officer Hermione McKee said the fresh capital gives the company “more firepower to act on opportunities,” including acquisitions and new country launches.
  • SumUp confirmed the company is worth more than it was when it raised €590 million ($635.3 million) at an 8 billion ($8.6 billion) valuation in summer 2022.


As reported by PayRate42, British payments startup SumUp has successfully secured €285 million ($306.6 million) in its latest funding round, led by Sixth Street Growth, the growth arm of global investment firm Sixth Street. This round values SumUp at over $8.6 billion, further building on its valuation from the summer of 2022, when it was last valued at €8 billion ($8.6 billion). The company’s existing investors, including Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group, also participated in the funding round.

Learn more about SumUp on PayRate42 here.

SumUp, widely recognized for its small card readers, plans to utilize the fresh capital to pursue various growth opportunities over the next two years. The company has been on an expansion spree, recently entering its 36th global market with the launch in Australia. SumUp’s CFO, Hermione McKee, emphasized the potential for further expansion in Latin America, Asia, and Africa and hinted at exploring a “buy versus build” strategy.

This funding round is considered a significant achievement, especially in the context of the challenging environment for European technology valuations. The company’s ability to secure an “up round,” where the valuation is higher than before, stands out amid declining median valuations in the European tech sector.

SumUp, a direct competitor to prominent payment companies like Square, PayPal’s iZettle, FIS’ WorldPay, Stripe, and Adyen, has diversified its business offerings. In addition to its core payment services, SumUp has entered the lending space, providing cash advances and business loans to merchants based on their card sales revenues.

Looking ahead, SumUp plans to explore merger and acquisition opportunities to fuel its global expansion. McKee stated that M&A is always on the table, and the company is open to both building an ecosystem and making strategic acquisitions.

Despite its remarkable growth and valuation, SumUp currently has no immediate plans to go public. McKee emphasized the company’s access to private pools of capital and stated that while they are constantly improving processes to meet public market standards, an IPO is not imminent or actively planned at this time. SumUp intends to leverage its current funding to maintain flexibility and capitalize on growth opportunities in the private markets.

Luxury Watches And Crypto: A Tale of Millennial and Gen Z Investors!

Lucas Peterson
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Luxury Watches And Crypto: A Tale of Millennial and Gen Z Investors!

Introduction

Financial intelligence magazine FinTelegram published an interesting piece about luxury watches and crypto. In recent years, the luxury watch market has experienced significant turbulence. Parallel to the cryptocurrency boom between 2020 and 2022, the prices of luxury watches also soared, indicating a new trend among millennial and Gen Z investors. This article delves into the development of the secondary market for luxury watches, its peak during the crypto hype, and the subsequent collapse following the downfall of cryptocurrency prices.

The Surge in Luxury Watch Investments

Boston Consulting Group says luxury watches represent a $75 billion market
BCG report on luxury watches (

The luxury watch market witnessed a massive increase in demand, particularly among younger investors. According to a Boston Consulting Group (BCG) report, luxury watches represent a $75 billion market, of which the secondary market is 30% and growing.

A report by Grand View Research valued the global luxury watch market at USD 42.21 billion in 2022, with a projected compound annual growth rate (CAGR) of 5.0% from 2023 to 2030. This surge was fueled partly by millennials and Generation Z, who discovered luxury watches as an investment opportunity alongside cryptocurrencies.

A Boston Consulting Group (BCG) report found that 54% of Gen Z and millennial buyers increased their spending on luxury watches in the past two years. This growing interest was not limited to men; women showed a significant inclination towards upgrading their luxury watches, driving companies to expand their offerings for this segment.

The New Alternative Investment Paradigm

This relationship between the crypto and luxury watches markets can be primarily attributed to the investment behaviors of younger generations who are simultaneously engaged in both markets. The following key points underpin this hypothesis:

  1. Shared Investor Base: The same demographic – millennials and Gen Z – attracted to cryptocurrencies and luxury watches is also likely to engage with luxury watch NFTs. This overlap suggests that investment decisions in one market could influence the others.
  2. Digital-Physical Asset Fusion: The emergence of luxury watch NFTs creates a bridge between tangible luxury goods and digital assets. Movements in the cryptocurrency market could directly impact the perceived value and demand for luxury watch NFTs, which in turn could influence the traditional luxury watch market.
  3. Market Dynamics Synergy: The luxury watch market’s shift towards NFTs could be both a result of and a contributing factor to the trends observed in the cryptocurrency market. This synergy could lead to a feedback loop, where the growth of one sector fuels the others.

It can be hypothesized that a resurgence in cryptocurrency market prices, as observed since mid-2023, will not only positively impact the secondary market prices for physical luxury watches but also boost the interest and value of luxury watch NFTs. This trend would reflect the increasing integration of digital and traditional investment assets in the portfolios of younger investors.

Peak and Collapse: A Mirror to the Crypto Market

With the collapse of the first crypto schemes and the start of the crash in crypto prices in spring 2022, the prices of luxury watches on the secondary market also collapsed.

The peak of the luxury watch market coincided with the height of the cryptocurrency craze. In March 2022, the average price of a luxury watch in the secondary market reached a staggering $46,700, with certain models selling for up to five times their retail value. Brands like Rolex, Patek Philippe, and Audemars Piguet saw their iconic models reach record highs. However, this peak was short-lived.

By early December 2023, luxury watch prices in the secondary market plummeted to a near two-year low. According to WatchCharts, a luxury watch price tracker, the average price of a watch sold secondhand has fallen by almost 37% since March 2022.

The downturn was particularly severe for iconic Rolex, Patek Philippe, and Audemars Piguet models. Experts noted that the influx of sellers in response to high prices led to a tripling of supply for the most iconic pieces, contributing to the price drop.

Not a Burst, But a Correction

Despite the sharp decline, experts like Pierre Dupreelle from Boston Consulting Group suggest that this isn’t a bubble burst but a market correction. While prices have fallen significantly from their peak, they remain higher than pre-pandemic levels. As the economy stabilizes, there’s potential for these prices to stabilize and possibly rise again.

Conclusion

The secondary market for luxury watches has undergone significant changes in the past few years, heavily influenced by the trends in cryptocurrency and the pandemic. While the current prices may offer a buying opportunity for a new generation of collectors, it remains to be seen how the market will stabilize in the long term. This trend highlights the evolving nature of investment and luxury spending among younger generations, signaling a shift in traditional investment mindsets.

The Ultimate Human: Can Baking Soda And Apple Cider Vinegar Improve Your Health?

Clara Bennett
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The Ultimate Human: Can Baking Soda And Apple Cider Vinegar Improve Your Health?

In the search for the Ultimate Human, nutrition is the single most important source. In the world of natural health remedies, few ingredients have garnered as much attention as baking soda and apple cider vinegar. Touted for their array of health benefits, these pantry staples have become the go-to solutions for many health enthusiasts. In this article, we delve into the latest research on these popular remedies and explore the pros and cons of combining them.

Baking Soda: A Versatile Alkaline Powerhouse

Baking soda, or sodium bicarbonate, is celebrated for its alkalizing properties. It has a variety of household uses aside from cooking. It can provide health benefits and may also relieve certain health conditions, including canker sores. Baking soda has been linked to various health benefits when taken on its own. For instance, research suggests that using it as part of a mouth rinse may help prevent the loss of tooth enamel.

In addition, baking soda may help improve exercise performance during short-duration, high-intensity exercise. Baking soda supplements may also help slow the progression of chronic kidney disease, as well as the growth of cancerous cells. However, more research is needed before strong conclusions can be made.

Apple Cider Vinegar: More Than Just a Kitchen Staple

Apple cider vinegar, made from fermented apple juice, is rich in acetic acid. Its health benefits are wide-ranging, from improving insulin sensitivity to aiding weight loss.

Apple cider vinegar has been used for centuries in cooking and natural medicine. It may have some health benefits, including aiding weight loss, reducing cholesterol, and lowering blood sugar levels.

Vinegar can help kill pathogens, including some strains of bacteria. People have traditionally used vinegar for cleaning and disinfecting, treating nail fungus, lice, warts, and ear infections. Hippocrates, the father of modern medicine, used vinegar to clean wounds more than 2,000 years ago. Vinegar is also a food preservative. Studies show it inhibits bacteria like E. coli from growing in and spoiling food. However, little research exists, and further studies are needed before it can be recommended as an alternative therapy.

Combining Baking Soda and Apple Cider Vinegar: Pros and Cons

The combination of baking soda and apple cider vinegar creates a chemical reaction that can offer unique health benefits, but there are considerations to keep in mind:

Pros:

  1. pH Balance: Combining these two can create a balanced pH solution, potentially aiding in neutralizing acidity in the body.
  2. Digestive Aid: This mixture might help in relieving bloating and gas by neutralizing stomach acids.

Cons:

  1. Potential for Harm: The reaction between baking soda and apple cider vinegar can produce carbon dioxide gas, which may lead to bloating and gas if consumed in large quantities.
  2. Acidity Levels: While apple cider vinegar is beneficial, its high acidity can be harmful to tooth enamel and the esophagus, especially when combined with baking soda.

Safety and Recommendations

While both ingredients are generally safe for most people, it’s essential to use them in moderation. Overconsumption of baking soda can lead to alkalosis, a condition caused by too much alkalinity in the body, while excessive apple cider vinegar can lead to tooth enamel erosion and throat irritation.

As with any natural remedy, it’s crucial to consult with healthcare professionals before incorporating these into your health regimen, especially if you have pre-existing health conditions or are taking medications.

Conclusion

Baking soda and apple cider vinegar offer an array of health benefits, from aiding digestion to potentially enhancing athletic performance. However, their combination should be approached with caution and awareness of the potential side effects. Remember, moderation and informed use are key to harnessing the benefits of these natural remedies. Stay tuned to The Cyber Voice for more insights into the world of health and wellness.

High-Profile Art Feud Settled: Rybolovlev and Bouvier Reach Agreement

Adrian Fuller
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High-Profile Art Feud Settled: Rybolovlev and Bouvier Reach Agreement

In a dramatic turn of events, the high-stakes legal battle between Russian art aficionado Dmitry Rybolovlev and Swiss art dealer Yves Bouvier has reached a conclusive end. The duo has officially settled their multi-jurisdictional disputes out of court, putting an end to a saga that has captivated the art world, the FinTelegram reports.

Dmitry Rybolovlev, a name synonymous with luxury and opulence thanks to his mining empire and ownership of the AS Monaco soccer club, had accused Bouvier of a billion-euro art swindle. At the heart of this dispute was the staggering sale of 38 artworks, including the enigmatic “Salvator Mundi” by Leonardo da Vinci, which later sold for a record $450.3 million.

The Russian billionaire’s claims against Bouvier were not just confined to personal allegations; they extended to the prestigious auction house Sotheby’s in New York. In a plot worthy of a thriller, the “Salvator Mundi” had a notable stopover at Sotheby’s in 2013, where Bouvier allegedly purchased it for $83 million, only to sell it to Rybolovlev for a whopping $127.5 million, pocketing the substantial difference.

The Geneva public prosecutor’s office, led by Yves Bertossa, announced on December 7 the closure of the case. This followed the prosecutor’s recommendation for a settlement, citing insufficient grounds for a criminal case. On November 20, both parties agreed to withdraw all complaints, marking a significant moment in this high-profile dispute.

Despite the settlement, details remain under wraps due to a non-disclosure agreement. However, Bouvier’s lawyer, David Bitton, hailed the resolution as a “complete victory,” emphasizing that all allegations were dismissed globally, and no court proceeded to a full trial.

Bouvier himself expressed relief, stating that this marks the end of a “nine-year nightmare,” and thanked the judicial authorities for allowing “true justice” to prevail. This sentiment echoes across the art world, where the case has been closely followed.

Meanwhile, the saga isn’t entirely over. Rybolovlev’s case against Sotheby’s in New York is set for trial in January. The Russian magnate accuses the auction house of facilitating Bouvier’s alleged fraud, particularly in overcharging him for 15 artworks, including the “Salvator Mundi.”

As this chapter closes, the art world watches with bated breath, anticipating the outcome of the remaining litigation in New York. The story of Rybolovlev, Bouvier, and the elusive “Salvator Mundi” continues to be a testament to the complex interplay of art, power, and money. Stay tuned to The Cybervoice for exclusive updates on this and more from the world of high art and society.

Bravissimo: Revolut Appoints Impressive CEO For UK Business

Lucas Peterson
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Bravissimo: Revolut Appoints Impressive CEO For UK Business

The U.K. fintech heavyweight, Revolut, has announced the Italian Francesca Carlesi as the forthcoming CEO for its U.K. branch, while Nik Storonsky maintains his role as the CEO of the overall groups. Notably, Revolut is facing challenges in obtaining a U.K. banking license. With her impressive track record, Carlesi may be play a pivotal role in the fintech’s ambitions to become a bank in the UK.

Francesca’s previous stint was at Molo, the U.K.’s inaugural fully online mortgage provider, where she held the reins as the founder and CEO. Her extensive banking career features leadership positions at Deutsche Bank and Barclays. Additionally, she’s had roles at McKinsey & Co. and Bridgepoint Capital.

Carlesi boasts an impressive educational background, including a PhD in Banking and Finance from the University of Rome, an MBA with honors from Columbia University, and a diploma from the Harvard Kennedy School of Government. With over 15 years in the financial realm, her expertise spans private equity, retail and commercial banking, investment banking, and asset and wealth management.

Come December, Carlesi will take the helm at Revolut, succeeding James Radford, who exited the position in March.

This leadership change occurs shortly after Kitty Ussher, the former economic secretary to the Treasury and a one-time MP, stepped down from Revolut‘s UK board. Despite her move to Barclays, Ussher reminisced about her fulfilling four years with Revolut in a heartfelt LinkedIn post.

Revolut boasts a sprawling global clientele exceeding 35 million, with a significant footprint in nations such as Romania and Poland. The Central and Eastern European regions are also seeing brisk growth for the fintech. Still, the U.K. remains its cornerstone market.

Crypto Service Provider BitGo Receives Custody License In Germany

bluechipper
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Crypto Service Provider BitGo Receives Custody License In Germany

Germany is increasingly establishing itself as a pivotal player in the realm of digital asset custody and regulation. As reported by PayRate42, BitGo, a digital assets service provider, revealed that its German subsidiary, BitGo Europe GmbH, has been granted a digital assets custody license by the German Federal Financial Supervisory Authority (BaFin). Notably, since 2019, BitGo has been safeguarding crypto assets for its clientele, with the oversight of BaFin, under an interim arrangement.

BitGo‘s Frankfurt-based team has seen consistent growth and now, in compliance with BaFin’s stipulations, is steered by two managing directors. While Sven Möhle oversees the market domain, Dejan Maljevic is at the helm of back-office operations.

To ensure the utmost security of the assets under their care, the majority of client keys at BitGo Europe GmbH are preserved in cold storage within Germany. These are further fortified by an array of security protocols, including some proprietary technologies that have become benchmarks in the industry. Given this stringent security apparatus, BitGo vouches for the assets in cold custody and has them appropriately insured. Owing to their reputation, prominent neobrokers entrust BitGo with their customers’ digital assets.

Reflecting on this significant achievement, Dejan Maljevic, the Managing Director of BitGo Europe, expressed, “BaFin is globally acknowledged as a trendsetter in crypto regulation. Their approach facilitates the evolution of digital currencies while concurrently instituting a robust regulatory framework. Acquiring this license was a rigorous journey, and we are elated to have attained this landmark.”

Echoing similar sentiments, Mike Belshe, the CEO of BitGo, Inc., remarked, “In the digital asset custody and regulatory landscape, Germany’s significance is on the rise. In collaboration with BaFin, we are enthused to extend our top-tier crypto custodial services to our German and European clientele.”

Russian Oligarch Arrested In France

Adrian Fuller
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Russian Oligarch Arrested In France

Russian oligarch Alexey Kuzmichev has been detained in France following allegations related to tax evasion, money laundering, and the breach of international sanctions, as revealed by the French Financial Prosecutor’s Office (PNF). Police raided properties in both Saint-Tropez and Paris, which are linked to the tycoon, an ally of President Vladimir Putin, BBC reported.

The French investigative judges on Wednesday put Russian tycoon Alexey Kuzmichev under formal investigation, Reuters reported. He is suspected of violating EU sanctions and tax fraud.

Renowned as one of the most influential figures in Russia by the European Union, Kuzmichev has deep-rooted ties with Russian President Vladimir Putin. Monday saw investigative searches being carried out at multiple venues, including Kuzmichev’s luxurious Parisian apartment, as per the PNF’s statements. Reports from the French news outlet, Le Monde, also indicate a search operation at his opulent villa in Saint-Tropez.

Though arrested on Monday, as of Tuesday, no formal charges have been pressed against the billionaire. Representatives for Kuzmichev chose to remain silent when approached for comments. However, the Kremlin, through its spokesperson Dmitry Peskov, expressed that it stands ready to protect the rights of Kuzmichev and awaits comprehensive details on the case from Paris.

Highlighting the mogul’s run-ins with French authorities, last year witnessed the confiscation of his 27-meter luxury yacht by French customs. This seizure was in alignment with Brussels’ sanctions on Moscow. Kuzmichev, a pivotal shareholder in Russia’s Alfa Bank, subsequently entered into a legal tussle with the authorities post this incident.

Austrian Red Bull Heir Mark Mateschitz Cashed In A €582 Million Dividend!

Adrian Fuller
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Austrian Red Bull Heir Mark Mateschitz Cashed In A €582 Million Dividend!

As per a recent report by Bloomberg, Mark Mateschitz, the 31-year-old Austrian billionaire and inheritor of the Red Bull empire, has received a substantial shareholder payout of $615 million from Red Bull GmbH, the Austrian holding company overseeing the extensive network of Red Bull companies. This notable payment signifies his first since taking over the reins of the energy drink giant from his late father, Dietrich Mateschitz, last year.

The Red Bull Dividend

The distribution of this payout stems from Red Bull‘s decision to allocate half of its impressive $1.6 billion profit from the previous year among its shareholders. Mark Mateschitz‘s substantial ownership stake of 49% in the company through his holding entity, Distribution & Marketing GmbH, qualified him for a substantial share of €383 million from this payout. The remaining 51% is under the ownership of the Yoovidhya family in Thailand.

In addition to the €383 million share, Mark Mateschitz received an additional €199 million, in line with a long-standing company tradition that grants an extra payment to its Austrian owner. This combined to create a total dividend of €582 million ($615 million) for him.

It’s noteworthy that this dividend marks the lowest in three years, following the record payment of $865 million made to Dietrich Mateschitz in the year prior to his passing.

The Young Billionaire

Forbes estimates Mark Mateschitz‘s net worth at an impressive $34.4 billion, positioning him at No. 35 on Forbes’ real-time billionaires list. At just 31 years of age, he not only ranks as one of the world’s youngest billionaires but also claims the title of Europe’s wealthiest millennial. His acquisition of a 49% stake in Red Bull from his father last year has significantly contributed to his wealth.

Red Bull continues to assert its global dominance, with an astounding 11.6 billion cans of its energy drink sold in the previous year, resulting in revenue totaling $10.53 billion. The company’s influence extends across various sports, including soccer, Formula 1 racing, and extreme sports, such as motocross, skateboarding, and snowboarding.

Elon Musk Lost $66 Billion Net Worth But Is Still The World’s Richest Individual!

bluechipper
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Elon Musk Lost $66 Billion Net Worth But Is Still The World’s Richest Individual!

Elon Musk experienced a substantial reduction in his net worth this week, plummeting to $193 billion, as reported by Bloomberg’s Billionaire Index. This marks the first time since June that the CEO of Tesla has seen his net worth dip below the $200 billion threshold, primarily due to the disappointing quarterly earnings report from Tesla and the loss of value of X (formerly known as Twitter).

The decline in Musk’s wealth can be partly attributed to the notable underperformance of Tesla stock, which has witnessed a substantial drop of more than 18% since the Q3 2023 earnings call held on October 18, 2023. Furthermore, on a subsequent Monday, the stock experienced an additional decline of nearly 5%. This latest downturn came in response to reports revealing that Panasonic, a long-standing partner and supplier for the electric vehicle (EV) manufacturer, had scaled back its battery cell production in Japan during the period ending September 2023.

Bloomberg’s calculations show that Musk’s fortune has contracted by a staggering $41 billion following Tesla’s lackluster earnings call on October 18. Before the disappointing performance was disclosed, his net worth was estimated to be around $234 billion.

Forbes presents a slightly higher estimate of Musk’s net worth, valuing it at $213.8 billion, while still acknowledging a recent loss of approximately $1 billion. Nevertheless, as of October 31, both Bloomberg and Forbes concur that Elon Musk maintains his status as the world’s wealthiest individual.

Musk’s diversified portfolio encompasses ventures such as SpaceX and the Boring Company, in addition to his significant stake in Tesla, all contributing to his substantial wealth.

In April 2022, Musk made a high-profile acquisition, purchasing Twitter, which he subsequently rebranded as “X.” This acquisition came with a hefty price tag of $44 billion, and Musk now commands an impressive 74% ownership of the social media platform. Recent assessments indicate that the company’s self-evaluated worth as of Monday stands at $19 billion, roughly 55% lower than Musk’s acquisition cost last year. Musk himself acknowledged having overpaid as one of the reasons for his attempted withdrawal from the deal.

In November 2022, his net worth experienced a decline to an estimated $195.6 billion, marking its lowest point in 2022, according to Forbes. This followed a significant drop in October 2021 when his net worth fell below the $200 billion mark.

The November 2022 dip set a historic record for the largest personal wealth loss in history, as recognized by Guinness World Records. Guinness, citing Forbes, reported that Musk had shed approximately $182 billion of his net worth since November 2021, with some estimates even suggesting losses of up to $200 billion.

RIP, Matthew Perry: The Iconic Chandler Bing, A Generation’s Laughter

Charlene Lensburg
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RIP, Matthew Perry: The Iconic Chandler Bing, A Generation’s Laughter

Matthew Perry, the beloved actor who brought Chandler Bing to life on the iconic sitcom “Friends,” has passed away at the age of 54. Known for his sardonic wit and impeccable comedic timing, Perry’s portrayal of Chandler resonated with a generation and continues to captivate newer audiences even decades after the show’s debut in 1994.

Mr. Perry was a stalwart on American television screens, gracing over 200 episodes throughout all 10 seasons of “Friends.” As part of a star-studded ensemble that included Jennifer Aniston, David Schwimmer, and Lisa Kudrow, Perry’s Chandler stood out, making audiences worldwide laugh and cry with him.

In a candid 2002 interview with The New York Times, Perry spoke about his yearning for fame, saying, “There was steam coming out of my ears, I wanted to be famous so badly.” But with fame came challenges. Perry’s battles with addiction were well-documented, leading him to seek treatment multiple times.

Despite these personal challenges, Perry’s legacy on the screen remains untarnished. He documented his struggles in his memoir, “Friends, Lovers and the Big Terrible Thing,” offering a poignant look into the life of a star grappling with demons.

Matthew Perry‘s impact on pop culture is undeniable. When news of his passing broke, tributes poured in from fans and fellow artists worldwide. He lived a complicated life, but he made people laugh with his remarkable gift.

In his roles and through his personal journey, Matthew Perry reminded us of the power of laughter, resilience, and redemption. He may have left us, but the joy and memories he gave will remain timeless. Rest in peace!

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