The payment service provider SumUp announced the conclusion of a round of financing from 750 million euros by Goldman Sachs, Temasek, Bain Capital Credit, Crestline and other funds managed by Oaktree Capital Management and
All the transaction is confirmed the support of the previous investors Goldman Sachs and Bain Capital Credit, while recording a high level of interest by new investors that exceeded the amount offered in the round.
SumUp intends to use the funds raised to accelerate its growth by continuing to expand the reservoir of operators served and continuing to support existing traders, active in as many as 33 markets worldwide.
The proceeds will also be used to continue the expansion process of the SumUp product suite, both through in-house development and through further acquisitions (M&A). Finally, part of the round will be devoted to refinancing existing credit lines.
The company recently announced that it would expand its portfolio of payment and cash services dedicated to the catering sector in the UK and mainland Europe, through the acquisition of two of the main payment software and services providers and Goodtill and Tiller cash.
These acquisitions bring SumUp into contact with millions of potential new customers ranging from bars and restaurants, to large stadiums and concert arenas, marking the birth of a new category of SumUp customers.
Finally, the company completed the acquisition of Paysolut, one of the main providers of banking systems; a transaction that is part of the strategy of strengthening the supply of banking services dedicated to the merchants.
Despite the devastating effects of the Covid-19 on SMEs, SumUp has managed to start 2021 in a favourable market position to date. In the last year, SumUp has introduced a number of new solutions and innovations to help companies overcome the operating restrictions caused by repeated blocks and limitations. This includes the introduction of Via Link Payments to allow remote transactions and new document management solutions such as SumUp Bills for e-invoicing: tools designed to help entrepreneurs receive secure payments and continue to operate their business in uncertain economic circumstances.
This year the company aims to increase its team of more than 2000 employees, focusing on the best international talents to expand its activities in its 19 global offices, located on three continents. In addition to the continued presence in Europe, the United States and Brazil, SumUp’s long-term goal includes expansion in Asia and Latin America. On the European front, SumUp has just been launched in Romania, bringing the number of EU markets to a total of 29.
In the face of thousands of new traders relying on its services, SumUp and its mobile card readers are now active and selected by more than 3 million companies worldwide.