SumUp, a payment processing company, has secured a €330m investment to support its global expansion plans.
The capital was supplied by Bain Capital Credit, Goldman Sachs Private Capital, HPS Investment Partners, and TPG Sixth Street Partners.
With the burst of funds, the company hopes to accelerate its growth to reach more merchants around the world and increase its product suite. Currently, SumUp is used by merchants in 31 countries, but is looking to increase this.
The FinTech hopes to further its growth both organically and through acquisitions. SumUp recently acquired invoicing software company debitoor and multi-channel e-commerce platform Shoplo to bolster its product offerings.
SumUp enables all-sized businesses to receive payments quickly, both in-store and online. The company offers payment terminals which can accept debit, credit and contactless payments with a 1.69 per cent transaction fee.
This investment has come after strong growth for SumUp which has seen it grow 120 per cent YoY. It expects to generate €200m in revenue in 2019.
SumUp co-founder Marc-Alexander Christ said, “We believe in affordable, simple and reliable technology that empowers small businesses all over the world to be successful doing what they love.
“As one of the fastest growing technology companies in the world, this cash injection will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position and drive the development of new services.”
Goldman Sachs International served as the lead structuring agent for the deal, while Weil, Gotshal & Manges acted as the legal advisor to SumUp.
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