Global payments service provider SumUp has closed a €750m funding round, to support its acquisition plans.
The round was supported by Goldman Sachs, Temasek, Bain Capital Credit, Crestline, and funds managed by Oaktree Capital Management. Existing SumUp backers Goldman Sachs and Bain Capital Credit also committed capital to the fresh round.
This capital injection has been earmarked for the growth efforts of the company, which includes acquiring and supporting existing merchants. Funds will also be used to continue its M&A efforts and refinance its existing debt facilities.
Over the coming year, the FinTech hopes to release a range of new solutions that will help businesses navigate challenges brought on by the lockdown. These new tools include payment links and invoicing options, online selling functionalities and gift card collaborations.
SumUp helps businesses to get paid through a range of payment technology, including invoices, payment links, online store and gift cards. It also offers a selection of POS terminals and mobile card readers.
The FinTech recently expanded its product portfolio in the POS and gastronomy space across the UK and continental Europe through the acquisition of POS software developers Goodtill and Tiller. These deals provided SumUp with access to millions of new customers.
SumUp co-founder Marc-Alexander Christ said, “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.”
The FinTech raised €330m in funding in 2019 from Bain Capital Credit, Goldman Sachs Private Capital, HPS Investment Partners, and TPG Sixth Street Partners.
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