London, UK-based fintech company SumUp entered into a US$100 million credit facility with Victory Park Capital.
The company will use the credit facility to drive expansion of its merchant cash advance product and support UK-based merchants.
SumUp Cash Advance helps merchants finance their operations and seize growth opportunities for their businesses. The advances (of up to £20,000) are based on merchants’ payment history, and merchants pay back advances through payment acceptance with SumUp card readers, in a flexible and incremental manner. Furthermore, merchants pay a fixed fee for access to cash advances, and do not have to worry about encountering any hidden fees or monthly interest.
Led by Marc-Alexander Christ, SumUp is a global financial technology company serving more than 4 million small merchants in over 35 markets worldwide, enabling them to start, run and grow their business. Through its app, SumUp provides merchants with a free business account and card, an online store, and an invoicing solution – as well as in-person and remote payments integrated with SumUp’s card terminals and point-of-sale registers.
FinSMEs
09/08/2023