SumUp lands €1.5bn private credit debt deal led by Goldman Sachs
UK-based SME fintech SumUp has raised €1.5 billion through a private credit debt deal led by Goldman Sachs Asset Management.
UK fintech SumUp raises €1.5bn
Other lenders involved in the raise include BlackRock, Crestline Investors, Liquidity Capital, Oaktree Capital Management, Sentinel Dome and Singapore state-owned investment firm Temasek.
AllianceBernstein, Apollo Global Management, Arini, Deutsche Bank AG, Fortress Investment Group, SilverRock Financial Services and Vista Credit Partners also participated as new investors.
This development builds on the €285 million bagged by the fintech through a Sixth Street Growth-led funding round in December and brings its total amount raised since its inception in 2012 to over €3.2 billion.
It also secured a $100 million (around €93 million) credit facility with prolific private credit investment firm Victory Park Capital in August. The firm also facilitated a similar arrangement for the digital financial services platform Klar in Mexico the same month.
Headquartered in London, SumUp operates a super-app which provides four million merchants across 36 markets with card, payment and business account services, invoicing solutions and online store capabilities.
According to its latest statement, the fintech plans to use its new funding to “refinance existing debt and seize global growth opportunities” and “take advantage of organic and inorganic growth opportunities in the future”.
CFO Hermione McKee explains that since actioning its expansion efforts, SumUp’s “requirements from capital markets have evolved”, but claims that this evolution has been met with “solid and steady support from the investor community”, as evidenced through its continual inflow of investor capital.
“This new financing will support us as we focus on providing best-in-class support experiences for our merchants and giving them the products and tools they need to succeed.”
