By Aisling Finn on Tuesday 16 March 2021
The payments fintech will use the cash for M&A, international expansion and grow its employee count across all of its 19 international offices.
London-based payment provider SumUp has scooped a €750m debt facility from both new and existing investors.
SumUp’s fundraise was oversubscribed and saw participation from Goldman Sachs, Temasek, which has invested in fellow payment providers Adyen, Visa, PayPal and Mastercard, Bain Capital Credit, Crestline and Oaktree Capital Management.
The fintech, which provides payment terminals, online payments and invoice services to businesses, has said the funding will be used to accelerate its growth and international expansion, as well as any potential M&A opportunities.
Marc-Alexander Christ, co-founder of SumUp, said: “Each day I continue to be impressed by how the SumUp team has faced down the challenges of the past year and continued to deliver the vital, payments technology that empowers small businesses all over the world; helping them to continue to be successful doing what they love best.”
“As one of the fastest-growing technology companies in the world, this cash injection - in addition to having the built-in option to expand the financing - will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services to support our merchants globally.”
SumUp will use the debt facility to support merchants across the 33 markets it’s currently active in, as well as using the cash to expand into Chile, Colombia and Romania.
Tom Maughan, from Bain Capital Credit, added: ”We have huge admiration for what SumUp is doing for small businesses across the world in helping them to keep trading and flourishing in some of the most trying economic circumstances imaginable.”
“The doubling down of our investment in SumUp in this round is both a demonstration of our confidence in the company today and its strong future.”
As well as M&A and international expansion plans, SumUp will also use the funding to grow its 2,000 employee-strong team over the next 12 months, adding new staff to all of its 19 international offices.
The fintech currently supports more than three billion businesses globally and of the 33 markets SumUp is active in, 29 of them are in Europe.