SumUp will use the proceeds to advance its growth and continue to acquire and support its existing merchants in 33 markets across the world
SumUp raises €750m funding. (Credit: Capri23auto from Pixabay.)
UK-based mobile payments company SumUp has received €750m funding to support its growth and continue global expansion with new acquisitions and products.
Existing investors Goldman Sachs and Bain Capital Credit, along with new investors Temasek, Crestline, and funds managed by Oaktree Capital Management participated in the funding round.
SumUp will use the proceeds to advance its growth and continue to acquire and support its existing merchants in 33 markets across the world.
Also, it will use the funds to continue the expansion of its product suite, both organically and through further acquisitions, along with refinancing existing debt facilities.
Bain Capital Credit partner Tom Maughan said: “We’re proud to be backing SumUp once again and we recognise the truly impressive strides made by the company over the past couple of years.
“We have huge admiration for what SumUp is doing for small businesses across the world in helping them to keep trading and flourishing in some of the most trying economic circumstances imaginable.
“The doubling down of our investment in SumUp in this round is both a demonstration of our confidence in the company today and its strong future.”
SumUp has recently expanded its product portfolio in the POS and gastronomy space across the UK and continental Europe through the acquisition of Goodtill and Tiller.
The firm has also closed the acquisition of core banking system provider Paysolut, as part of its strategy to offer banking services for merchants.
Its recent acquisitions are anticipated to benefit the company with millions of potential new customers, indicating a new generation of its merchants.
In the last 12 months, SumUp has hosted new solutions and advanced offerings to help businesses navigate the operating restrictions due to repeated lockdowns.
The firm rolled out payment links, invoicing options, and new online selling options through SumUp Online Store, and gift card partnership with Google, Facebook, and Instagram.
SumUp co-founder Marc-Alexander Christ said: “Each day I continue to be impressed by how the SumUp team has faced down the challenges of the past year and continued to deliver the vital, payments technology that empowers small businesses all over the world; helping them to continue to be successful doing what they love best.
“As one of the fastest-growing technology companies in the world, this cash injection – in addition to having the built-in option to expand the financing – will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services to support our merchants globally.”