London-based Fintech Startup SumUp Secures €285 Million in Funding. Sixth Street Growth led this round, in which Bain Capital Tech Opportunities, Fin Capital, and Liquidity Capital took part.
With the funding, SumUp will broaden its reach internationally and keep offering small merchants the resources and assistance they require to establish, run, and grow their businesses.
SumUp, which has had revenue growth of more than 30% year over year and positive EBITDA since the fourth quarter of 2022, is the beneficiary of the fresh funding following a year of increasing momentum.
Hermione McKee, CFO of SumUp, said: “Our mission is to create a world where everyone can build a successful business. SumUp’s consistent growth over the past eleven years is a direct result of the success of the traders we serve and would not be possible without the unwavering trust and support of the investor community. We are pleased that Sixth Street is now part of this community. This funding gives us additional ability to pursue growth opportunities and accelerate product developments that support small businesses.”
Over 4 million small businesses worldwide rely on SumUp for simple, cost-effective banking services and payment products. SumUp recently expanded the range of products and services that are available to small retailers:
Customers in the UK, France, and the Netherlands may now use Tap to Pay on their iPhones; SumUp One is a multi-product subscription offering the most popular features at a fixed, discounted price. Additionally, business finance is now offered in the UK thanks to a collaboration with VPC.
Nari Ansari, Managing Director at Sixth Street Growth, added: “For more than a decade, SumUp has achieved sustained growth and boldly expanded into entirely new product categories and markets. This remarkable track record and culture of innovation, combined with SumUp’s approach to growth and efficiency, fit well with Sixth Street Growth’s investment strategy. The way people do business today is constantly changing, and SumUp is always alongside its merchants to give them exactly the tools to make it easier for them to get paid for what they love . We look forward to working with the SumUp team to support them in this next phase of growth.”
Darren Abrahamson, Managing Director at Bain Capital Tech Opportunities, commented: “SumUp continues to deliver on the promise of helping small businesses thrive. SumUp has impressed us as investors recently with its successful pursuit of profitability and growth. We are very optimistic about the future of SumUp and will therefore continue to invest in the company.”
SumUp was founded in 2012 and offers free business accounts, the SumUp Card, online shop solutions, invoicing, on-site and remote payment options that are seamlessly integrated into SumUp’s own card terminals and point-of-sale systems, to merchants via the Super App.