By: 6 May 2024

It's one of the biggest European private credit transactions in recent years

SumUp raises €1.5bn

In a major deal that reaffirms the market’s confidence in global paytech SumUp as a company with solid revenues and foundations, and a bright future, the company raised €1.5bn from private credit lenders in a round led by Goldman Sachs – one of the largest European private credit deals of its kind in recent years. The money will be used to refinance existing debt and seize global growth opportunities.

With this deal, existing and new investors confirmed their conviction in SumUp’s established and successful business model, which has generated positive EBITDA since December 2022 and over a decade of sustained growth. Interest from the market was significant, such that the round was ultimately oversubscribed.

The new SumUp 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, with Goldman Sachs leading the private credit debt deal.

SumUp chief financial officer Hermione McKee said: “SumUp has always enjoyed solid and steady support from the investor community, and it’s this continued backing which 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 has demonstrated a unique ability to balance sustainable growth with fiscal responsibility by launching markets and products while keeping finances under control. By securing this funding, SumUp is well positioned to proactively seek and take advantage of organic and inorganic growth opportunities in the future.  

Freshfields Bruckhaus Deringer LLP acted as legal advisor to SumUp on the fundraising.

The move follows SumUp’s doubling down on their ESG initiatives.

Image: SumUp

Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.