UK-based payments service provider SumUp has raised €750 million in financing to press ahead with its expansion into new markets and build its product set through acquisitions.
The financing is coming from Goldman Sachs, Temasek, Bain Capital Credit, Crestline, and funds managed by Oaktree Capital Management, in a round that was described by SumUp as oversubscribed.
SumUp will use the proceeds to accelerate its growth and continue to acquire and support its existing merchants in 33 markets across the world. The new funds will also be used to continue expanding SumUp’s product suite, both organically and through further acquisitions, as well as for refinancing existing debt facilities.
The company, which enables businesses to receive payments quickly and simply, in-store and online, recently acquired point of sale software providers Goodtill and Tiller. These acquisitions will put SumUp into contact with potentially millions of new customers, from cafes and restaurants to sports stadiums and concert arenas.
It also recently completed the acquisition of the core banking system provider Paysolut, as part of its strategy to build up its offering of banking services for merchants.
SumUp has entered 2021 in its strongest position to date. Over the past year, the company has unveiled a host of new solutions and innovations to help businesses navigate the operating restrictions brought about by lockdown.
This included the introduction of payment links and invoicing options, new online selling functionalities through the SumUp Online Store, and gift card collaborations with Google, Facebook, and Instagram.
In the year ahead, SumUp is looking to grow its 2000+ strong team by adding talent to its 19 international offices on three continents. In addition to prominence in Europe, the US, and Brazil, the company’s long-term trajectory will include expansion into Asia.
In Europe, SumUp has launched in Romania, bringing the number of its European markets to 29.
Within its new markets, SumUp acquired the full stake in the joint venture it previously had with Chile’s BancoEstado and will continue serving merchants and developing the market further exclusively under the SumUp brand.
The Colombian market launch is also a hugely significant step for SumUp, with the fourth largest economy in Latin America and a population of more than 50 million people now able to come into contact with the company’s technology.
With thousands of merchants joining the SumUp services every day, its proprietary card terminals are relied upon by more than three million businesses globally.
Marc-Alexander Christ, co-founder at SumUp, comments: “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.”
Tom Maughan from Bain Capital Credit adds: “We’re proud to be backing SumUp once again and we recognise the truly impressive strides made by the company over the past couple of years.”
“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.”