SumUp bags €285m in latest funding round to fuel expansion plans
UK-based fintech SumUp has secured €285 million (around $307 million) in fresh funding as the company looks to pursue international growth opportunities and broaden its suite of payment services for SMEs.
SumUp raises €285 million in fresh funding
The round was led by Sixth Street Growth with additional participation from Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group.
The cash injection builds on the €1.5 billion in funding raised by the fintech since its inception in 2012. The firm also secured a $100 million credit facility with Victory Park Capital (VPC) in August this year.
It was last valued at around €8 billion ($8.6 billion) when it raised €590 million ($635 million) in a round led by Bain Capital Tech Opportunities in June last year. Its latest injection of capital is believed to have raised its value above this former figure, but a definitive valuation has not been disclosed.
CFO Hermione McKee says the new funding has provided the fintech with “additional firepower” to “empower small businesses with accelerated products”.
Currently operating in 36 markets across Europe, the Americas and, as of this year, Australia, SumUp offers businesses a range of financial and payment products and currently claims to support over 4 million clients.
The fintech has worked throughout the last year to further the reach of its business payments suite, including forming a cash advance partnership with VCP, launching a 7am payouts feature, and establishing access to UK Faster Payments via a deal with Form3.
SumUp says it has been operating on a “positive EBITDA basis” since Q4 2022 and that it has maintained 30% “top-line growth year over year”.
The company plans to use the new funds to expand its global footprint and “deliver the tools and services that small merchants need to start, run, and grow their business”.
