SumUp, a global financial services company, has recently secured a significant investment, marking a new chapter in its journey.
The firm, known for its commitment to empowering small merchants, has raised €285m in a funding round, according to a report from IBS Intelligence. This round was spearheaded by Sixth Street Growth, and saw contributions from Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group.
The substantial investment SumUp has received will be directed towards expanding the company’s global presence. This expansion aims at providing small business owners with the essential tools and services they need to establish, manage, and grow their enterprises. Following a year of heightened momentum, SumUp’s move comes at a time when the company has been operating with a positive EBITDA since the fourth quarter of 2022.
Delving deeper into what SumUp offers, the company has a robust portfolio of affordable and user-friendly payment products and financial services. Catering to over 4 million businesses worldwide, SumUp has recently enhanced its offerings. This includes a cash advance partnership with VPC in the UK, the introduction of Tap to Pay on iPhone in the UK, France, and the Netherlands, and the launch of SumUp One.
SumUp CFO Hermione McKee expressed her thoughts on the funding round, stating, “Our mission is to create a world where everyone can build a thriving business. The consistent growth SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and support of the investor community.
“We are excited to have Sixth Street join that community. This funding gives us additional firepower to pursue growth opportunities and accelerate products that empower small businesses.”
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