FinTech SumUp has raised £244 million to fund further worldwide expansion.
The London-headquartered company provides hardware and software solutions allowing four million companies such as small retailers to take payments.
The latest funding round was led by Sixth Street Growth with further participation by Bain Capital Tech Opportunities, Fin Capital and Liquidity Group.
SumUp has been operating on a positive EBITDA basis since Q4 2022 while maintaining over 30% top-line growth year over year. The company says it 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.
It 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.
“Our mission is to create a world where everyone can build a thriving business,” said CFO Hermione McKee. “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.”
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, managing director 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.”