SumUp, a leading fintech company based in London, has successfully secured €1.5 billion from a group of private credit lenders in a financing round spearheaded by Goldman Sachs.
This substantial funding round saw participation from several new investors including AllianceBernstein, Apollo Global Management, Arini, Deutsche Bank AG, Fortress Investment Group, SilverRock Financial Services, and Vista Credit Partners.
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Broad Investor Support and Future Plans
This funding round builds on an already strong financial year for SumUp, following a raise of approximately €285 million six months prior, which valued the company at nearly €8 billion. This latest investment will primarily be used to refinance existing debts and to seize opportunities for global growth, positioning the firm to further its reach and enhance its services worldwide.
CFO Hermione McKee, emphasized the strong, sustained support from the investor community which has been crucial to the company’s ability to grow sustainably over the past decade. McKee highlighted that this continued backing enables SumUp to serve millions of merchants globally. As SumUp scales further and continues to expand its product and service offerings, its capital market requirements have evolved to support this growth.
Expanding Services and Technology
Founded in 2012 by Jan Deepen, Marc-Alexander Christ, Petter Made, and Stefan Jeschonnek, SumUp has grown to become the financial partner of choice for over 4 million small businesses worldwide. The company offers a range of services that cater specifically to small merchants, including a free business account and card, an online store, invoicing solutions, and both in-person and remote payment options.
The company has continually innovated its product offerings, recently introducing Tap to Pay on iPhone in the UK, France, and the Netherlands, and launching SumUp One—a membership plan that consolidates popular features at a discounted rate.
Strategic Focus and Vision
This new funding round not only allows the FinTech to manage its finances more effectively but also sets the stage for further innovation and expansion into new markets, ensuring that SumUp remains at the forefront of the fintech industry. With strong backing from a diverse group of global financial institutions, SumUp is well-positioned to continue its mission of providing best-in-class support and tools that small businesses need to succeed.
