SumUp secures $100m credit facility to expand merchant cash advance product
SME-focused fintech SumUp has secured a $100 million credit facility from Victory Park Capital as it looks to expand its merchant cash advance product.
SumUp secures $100m credit facility
The company says its latest offering, SumUp Cash Advance, will help merchants in the UK finance their operations by furnishing advances of up to £20,000 based on their payment history. Merchants can then pay the advances back through payment acceptance with SumUp card readers in a “flexible and incremental” manner.
SumUp charges merchants a fixed fee for access to cash advances, ensuring the offering does not come with any hidden costs or monthly interest.
“Our cash advance product can support business growth in a transparent and fair manner, enabling merchants to continue doing what they do best, without having to worry about accessing funds,” explains Marc-Alexander Christ, co-founder of SumUp.
“Feedback has been positive to date; merchants appreciate the simplicity of the product, the speed of payout, and its convenient way of paying back the cash advance via card reader sales.”
Launched in 2012 with its headquarters in London, SumUp provides merchants with a free business account and card, an online store, an invoicing solution, and in-person and remote payments. It claims to serve over four million small businesses across 35 markets worldwide.
Last month, SumUp partnered Form3 to access UK Faster Payments and also appointed a new chief product officer.
