SumUp, a London, UK-based global payments service provider, raised a €750m debt facility.
Backers included Goldman Sachs, Temasek, Bain Capital Credit, Crestline, and funds managed by Oaktree Capital Management, L.P..
The company will use the proceeds to accelerate its growth, continue to acquire and support its existing merchants in 33 markets across the world, continue expanding its product suite, both organically and through further acquisitions (M&A), as well as for refinancing existing debt facilities.
Led by Marc-Alexander Christ, SumUp is a financial technology company that allows businesses of all sizes to receive payments, both in-store and online. The company supports over 3 million merchants globally and – with its card terminals and online services used by businesses from DHL to black cab drivers. In October 2018, SumUp released its 3G reader, a card terminal that lets merchants process payments without the need for a mobile app or constant Wi-Fi connection and recently broadened its product portfolio in the POS and gastronomy space across the UK and continental Europe through the acquisition of POS software providers Goodtill and Tiller. The company has also 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. Over the past year, SumUp has also launched a host of new solutions and innovations to help businesses navigate the operating restrictions brought about by repeated 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.
In the year ahead, the company is looking to grow its 2000+ strong team by adding talent to 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. In Europe, SumUp has launched in Romania, bringing the number of its European markets to 29. Within its new markets, the company acquired the full stake in the joint venture it previously had with Chile’s BancoEstado and will continue serving merchants and developing the market further exclusively under the SumUp brand. The Colombian market launch is also a significant step.
FinSMEs
16/03/2021