Global Fintech SumUp Raises €285 Million (US$ 307 Million)
SumUp, the leading global financial services company, today announced it raised €285 million (US$ 307 million) in funding led by Sixth Street Growthwith further participation by Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group. The funding will be used to expand SumUp’s global footprint and deliver the tools and services that small merchants need to start, run, and grow their business.
The new funding comes after a year of accelerating momentum for SumUp, which has been operating on a positive EBITDA basis since Q4 2022 while maintaining over 30 percent top-line growth year over year. The company continuously grew its EBITDA margins throughout 2023, as it realised economies of scale and leveraged the platform and merchant relationships it has built over the last 11 years. SumUp recently launched in Australia, its 36th market, and has built strong partnerships with renowned brands such as JCB and Apple.
SumUp CFO Hermione McKee said on the round: “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.”
SumUp provides more than 4 million businesses worldwide with affordable, easy-to-use payments products and financial services. SumUp recently expanded its product and service suite for small merchants with the launch of a cash advance partnership with VPC in the UK, Tap to Pay on iPhone in the UK, France and the Netherlands, and SumUp One, a membership plan that bundles its most popular features for one fixed, discounted price.
Nari Ansari, Managing Director at Sixth Street Growth added: “For over a decade, SumUp has consistently delivered sustained growth and boldly entered and led entirely new product categories and markets. This remarkable track record and culture of innovation combined with SumUp’s thoughtful approach to growth and efficiency are well-aligned with Sixth Street Growth’s investing strategy. How people do business continues to change and SumUp is always there, on the side of their merchants, giving them the tools to make it easier to get paid doing what they love. We are excited to partner with the SumUp team to help them in this next phase of growth.”
Darren Abrahamson, Partner at Bain Capital Tech Opportunities added: “SumUp continues to deliver on the promise of helping small businesses thrive. It has recently impressed us as investors with the successful pursuit of delivering both profitability and growth. We continue to be very optimistic for SumUp’s future and are therefore continuing to re-invest.”
Weil, Gotshal & Manges LLP acted as a legal advisor to SumUp on the fundraising.