London-based payments provider SumUp raises €750 million

dan@tech.eu

Fresh off a number of recent acquisitions, London-based payments provider SumUp has recently raised €750 million.

The oversubscribed round saw participation from existing backers Goldman Sachs, and Bain Capital Credit, and new investors Temasek, Crestline, and funds managed by Oaktree Capital Management.

”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,” comments Bain Capital Credit’s Tom Maughan.

SumUp is reporting that the new round will accelerate further growth and the acquisition of new clients, organically and via M&A’s, and refinance existing debts.

SumUp has recently entered the point of sale and gastronomy space across the UK and continental Europe via the acquisitions of Goodtill and Tiller. Through this market entry, SumUp now has an entirely new vertical to serve, from cafes and restaurants to sporting and concert arenas. This comes on the back of their acquisition of Lithuanian mobile banking platform Paysolut.

And while the global pandemic might be causing a large number of SMEs pain, SumUp has come out strong, offering a number of new innovations and payment solutions to assist in operating restrictions, most notably, the SumUp Online Store and gift card collaborations with Google, Facebook, and Instagram.

“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,” adds Maughan.

SumUp is looking to expand it’s 2000+ headcount, and counts 19 offices across three continents on their roster. In addition to Europe, the US, and Brazil, SumUp is eyeballing Asia as part of their long term strategy.

“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,” says SumUp co-founder Marc-Alexander Christ.

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