Global FinTech SumUp has revealed that it has entered into a new $100m credit facility from Victory Park Capital (VPC).
The move is set to enable the London-based to drive expansion of its merchant cash advance product and support UK-based merchants.
SumUp’s Cash Advance service offers users the opportunity to finance their operations and seize growth opportunities for their businesses, these merchants will pay back advances through payment acceptance with SumUp card readers, in a flexible and incremental manner.
Marc-Alexander Christ, Co-Founder at SumUp, said, “Since SumUp launched in 2012, we have witnessed a transformative evolution in merchant needs. In response, we have continually invested in new, sector-leading innovations, from pioneering hardware to cutting-edge software solutions.
“We are thrilled to partner with Victory Park Capital, further enabling our mission of simplifying business operations for our merchants. Our cash advance product can support business growth in a transparent and fair manner, enabling merchants to continue doing what they do best, without having to worry about accessing funds.
“Feedback has been positive to date; merchants appreciate the simplicity of the product, the speed of payout, and its convenient way of paying back the cash advance via card reader sales.”
VPC consider the opportunity to partner with SumUp a perfect opportunity to continue partnering with innovative organisations that support small businesses.
Jason Brown, Partner at VPC, said, “We are dedicated to supporting forward-thinking, innovative companies that enable wider access to financing solutions for small businesses.
“SumUp is a global fintech leader with a data-driven approach and product suite that matches the needs of modern businesses. We are delighted to partner with SumUp as they expand their offering and provide merchants with fair and clear, short-term financing amidst a challenging market climate.”
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