UK’s fintech unicorn SumUp secures €1.5B from Goldman Sachs, others: Know more
London-based SumUp, a fintech company, announced on Tuesday that it has secured €1.5B from private credit lenders in a round led by Goldman Sachs.
The new investors are AllianceBernstein, Apollo Global Management, Arini, Deutsche Bank AG, Fortress Investment Group, SilverRock Financial Services, and Vista Credit Partners.
They join existing investors such as Funds managed by BlackRock, Crestline Investors, Liquidity Capital, Oaktree Capital Management, Sentinel Dome, and Temasek.
The UK fintech firm will use the funds to refinance existing debt and seize global growth opportunities.
The announcement comes six months after raising around €285M at a valuation of above $8.6B (nearly €8B).
SumUp CFO Hermione McKee says, “SumUp has always enjoyed solid and steady support from the investor community, and it’s this continued backing that has enabled us to grow sustainably over the past 10+ years, serving millions of merchants of all sizes globally. As the company scales further and our services and products continue to expand, our requirements from capital markets have evolved. Lenders understand and support our mission to create a world where everyone can build a thriving business, and recognise our successful methods of achieving, sustaining, and balancing profitability and growth. 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.”
SumUp: Help businesses accept card payments
SumUp was founded in 2012 by Jan Deepen, Marc-Alexander Christ, Petter Made, and Stefan Jeschonnek. The company helps businesses accept card payments at the point of sale or on the go.
Since its inception, SumUp says it has become the financial partner for over 4 million small businesses worldwide.
The financial services super app from SumUp helps merchants with a free business account and card, an online store, an invoicing solution, and in-person and remote payments.
SumUp does this by seamlessly integrating these solutions into its proprietary card terminals and point-of-sale registers.
The company has broadened its range of products and services catering to small merchants.
It includes a cash advance collaboration with VPC in the UK, the introduction of Tap to Pay on iPhone in the UK, France, and the Netherlands, and the introduction of SumUp One—a membership plan that consolidates its popular features at a single, discounted rate.
