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SumUp bags €285m in latest funding round to fuel expansion plans | Fintech InShorts: Latest fintech news, analysis by experts

SumUp bags €285m in latest funding round to fuel expansion plans

BankingBusinessFinTech

Less than 1 min.Read

SumUp bags €285m in latest funding round to fuel expansion plans

December 12, 2023

SumUp secures €285 million in fresh funding for international growth and expanding payment services for SMEs.
Sixth Street Growth leads the funding round, joined by Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group.
This funding adds to the €1.5 billion raised since SumUp’s 2012 inception and a $100 million credit facility secured in August.
Valued at around €8 billion ($8.6 billion) after a June 2022 funding round, SumUp’s latest injection likely surpasses this figure.
CFO Hermione McKee emphasizes the funding’s role in empowering small businesses with accelerated products.
Operating in 36 markets, SumUp serves over 4 million clients with financial and payment products.
Recent initiatives include a cash advance partnership, 7 am payouts feature, and access to UK Faster Payments via a deal with Form3.
SumUp claims positive EBITDA since Q4 2022 and maintains 30% top-line growth year over year.
The funds will be used to expand SumUp’s global footprint and provide essential tools for small merchants to start, run, and grow their businesses.

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