Payments tech provider SumUp has raised £642 million as it looks to continue global expansion.
The FinTech, headquartered in London, has secured the facility from Goldman Sachs, Temasek, Bain Capital Credit, Crestline and funds managed by Oaktree Capital Management.
SumUp said it will use the proceeds to continue to acquire and support its existing merchants in 33 markets across the world.
The new funds will also be used to continue expanding SumUp’s product suite, both organically and through further acquisitions, as well as for refinancing existing debt facilities.
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The company has recently broadened its product portfolio in the POS and gastronomy space across the UK and continental Europe through the acquisition of leading POS software providers Goodtill and Tiller.
These recent acquisitions will put SumUp into contact with potentially millions of new customers, from cafes and restaurants right up to the biggest sports stadiums and concert arenas.
The scale-up also recently completed the acquisition of the core banking system provider Paysolut, as part of its strategy to build up its offering of banking services for merchants.
“Each day I continue to be impressed by how the SumUp team has faced down the challenges of the past year and continued to deliver the vital, payments technology that empowers small businesses all over the world; helping them to continue to be successful doing what they love best,” said co-founder Marc-Alexander Christ.
“As one of the fastest growing technology companies in the world, this cash injection – in addition to having the built-in option to expand the financing – will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services to support our merchants globally.”
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Over the past year, SumUp has unveiled a host of new solutions and innovations to help businesses navigate the operating restrictions brought about by repeated COVID-19 lockdowns.
This included the introduction of payment links & invoicing options, new online selling functionalities through the ‘SumUp Online Store’, and gift card collaborations with Google, Facebook, and Instagram; solutions all designed to help business owners to receive payments safely and continue trading in the face of uncertain economic circumstances.
In the year ahead, SumUp is looking to grow its 2,000+ strong team across its 19 international offices on three continents.
In addition to prominence in Europe, the US, and Brazil, SumUp’s long-term trajectory will include expansion into Asia.
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Tom Maughan, from Bain Capital Credit, commented: ”We’re proud to be backing SumUp once again and we recognise the truly impressive strides made by the company over the past couple of years.
“We have huge admiration for what SumUp is doing for small businesses across the world in helping them to keep trading and flourishing in some of the most trying economic circumstances imaginable.
“The doubling down of our investment in SumUp in this round is both a demonstration of our confidence in the company today and its strong future.”