UK fintech SumUp raises €750m

UK fintech SumUp raises €750m

UK fintech startup SumUp has raised €750m (£643m, US$893m) from several investors including Goldman Sachs and Bain Capital Credit.

Goldman and Bain had also led a $371m round of debt for the company in 2019.

SumUp is a fintech company that allows businesses to receive payments both in-store and online via its card terminal and competes with iZettle, among others in this space. But it has also diversified into other payment-related services, such as building online shops and taking payments over the web.

“With Goldman Sachs’ and Bain Capital Credit’s continued support as existing investors and high demand from new investors, the current round was oversubscribed,” the company said in a statement.

SumUp will use the funds to accelerate its growth, acquire and support its existing merchants in 33 markets (it was launched most recently in Chile, Colombia, and Romania) and expand its product suite.

Marc-Alexander Christ, co-founder at SumUp, said that “this cash injection – in addition to having the built-in option to expand the financing – will significantly accelerate the growth of our customer base … and drive the development of new services to support our merchants globally.”

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Source: UK fintech SumUp raises €750m