SumUp, a fintech scaleup operating in the digital payments sector with business solutions, announces that it has closed a €285 million round led by Sixth Street Growth with participation from Bain Capital Tech Opportunities, Fin Capital and Liquidity Group. The capital raised will be used to expand SumUp’s market footprint globally and continue to provide merchants with the tools and services they need to start, manage and grow their business. The new financing comes after a year of acceleration for SumUp, which has been operating with positive EBITDA since the fourth quarter of 2022, maintaining revenue growth of more than 30% year-on-year. The company has steadily increased EBITDA margins throughout 2023, focusing on realizing economies of scale through the continued development of its payment services platform and the consolidation of relationships built with merchants over the past 11 years. In addition, SumUp was recently launched in Australia, the 36th market in which it operates, and has partnered with prestigious brands such as JCB and Apple.
Tools to support those who do business
“Our mission is to create a world where anyone can build a thriving business,” said Hermione McKee, CFO of SumUp. The steady growth that SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and would not have been possible without the trust and support of the investment community. We are thrilled to have Sixth Street join the investors who are supporting us. This funding will enable SumUp to capture additional growth opportunities and develop products that empower small businesses.” SumUp provides more than four million businesses worldwide with convenient and easy-to-use payment solutions and financial services. Recently, it has expanded its range of products and services for small merchants with the launch of a partnership with VPC for cash advance in the UK. In addition, in the UK, France and the Netherlands, it has launched the Tap to Pay solution on iPhone, which allows you to use your smartphone to accept contactless payments from your mobile device or contactless card. Finally, one of the latest innovations in Italy and other countries in Europe is SumUp One, a subscription plan that gives participating merchants the opportunity to access its services and devices with significant discounts, as well as dedicated offers and the possibility of taking advantage of lower commissions on a single transaction. “For more than a decade, SumUp has experienced sustained growth and has boldly faced and led the market, introducing entire new product categories,” said Nari Ansari, managing director of Sixth Street Growth . are aligned with Sixth Street Growth’s investment strategy. The way merchants run their businesses continues to change, yet SumUp is always there, and over the years it has stood by merchants by providing them with new tools that make it easier to accept payments and, in the process, continue to do the work they love. We are excited to partner with the SumUp team and support the next phase of growth.” Darren Abrahamson, managing director of Bain Capital Tech Opportunities, said: “As an investor, we have been particularly impressed by the way it has successfully pursuedits productivity and growth goals recently. We are very optimistic about the future of SumUp, which is why we continue to reinvest in this reality.”
ALL RIGHTS RESERVED ©