SumUp raises €1.5B in an oversubscribed round led by Goldman Sachs

This week sees global fintech SumUp raise €1.5 billion from private credit lenders in an oversubscribed round led by Goldman Sachs.

Founded in 2012, SumUP gives access to financial services to millions of businesses that are considered too small for most providers. They’re as much as ten times smaller than the smallest businesses that would be targeted by banks and traditional providers.

SumUp supports over 4 million merchants in 36 markets across Europe, the US, Latin America and Australia, with tools and services merchants need to start, run, and grow their business, tailor-made for small, micro, and nano segments.

The company has generated positive EBITDA since December 2022 and over a decade of sustained growth. 

In the current funding round, new investors AllianceBernstein, Apollo Global Management, Arini, Deutsche Bank AG, Fortress Investment Group, SilverRock Financial Services, and Vista Credit Partners join existing investors such as Funds managed by BlackRock, Crestline Investors, Liquidity Capital, Oaktree Capital Management, Sentinel Dome, and Temasek.

According to SumUp CFO Hermione McKee:

 “SumUp has always enjoyed solid and steady support from the investor community, and it’s this continued backing which has enabled us to grow sustainably over the past 10+ years, serving millions of merchants of all sizes globally. 

As the company scales further and our services and products continue to expand, our requirements from capital markets have evolved.

Lenders understand and support our mission to create a world where everyone can build a thriving business and recognise our successful methods of achieving, sustaining, and balancing profitability and growth. This new financing will support us as we focus on providing best-in-class support experiences for our merchants and giving them the products and tools they need to succeed.”

The money will be used to refinance existing debt and seize global growth opportunities.

Lead image: SumUp. Photo: uncredited.