SumUp will use the proceeds from the funding round, which has also seen participation from Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group, to expand its global footprint and help small merchants start, run, and grow their businesses
SumUp secures €285m funding to expand its footprint. (Credit: Patrick Tomasso on Unsplash)
UK-based financial services company SumUp has secured €285m in a funding round led by Sixth Street Growth, a private investor focused on mid- and late-stage technology companies.
Other investors, including Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group, participated in the funding round.
SumUp will use the funding to expand its global footprint and provide the tools and services for small merchants to start, run, and grow their businesses.
The funding follows a year of growing momentum for the company, with a positive EBITDA basis since Q4 2022 and more than 30% top-line growth year-on-year.
Sixth Street Growth managing director Nari Ansari said: “For over a decade, SumUp has consistently delivered sustained growth and boldly entered and led entirely new product categories and markets.
“This remarkable track record and culture of innovation combined with SumUp’s thoughtful approach to growth and efficiency are well-aligned with Sixth Street Growth’s investing strategy.
“How people do business continues to change, and SumUp is always there, on the side of their merchants, giving them the tools to make it easier to get paid doing what they love.”
SumUp provides payment products and financial services to more than four million businesses worldwide and has recently expanded its product and service suite for small merchants.
It has rolled out a cash advance partnership with VPC in the UK, Tap to Pay on iPhone in the UK, France and the Netherlands, and its membership plan SumUp One for a discounted price.
Also, the company recently expanded into Australia, its 36th market, and has built strong partnerships with top brands such as JCB and Apple.
Weil, Gotshal & Manges served as legal advisors to SumUp on the fundraising.
SumUp CFO Hermione McKee said: “The consistent growth SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and support of the investor community.
“We are excited to have Sixth Street join that community. This funding gives us additional firepower to pursue growth opportunities and accelerate products that empower small businesses.”
Bain Capital Tech Opportunities managing director Darren Abrahamson said: “SumUp continues to deliver on the promise of helping small businesses thrive. It has recently impressed us as investors with the successful pursuit of delivering both profitability and growth.”