SumUp expanding global footprint thanks to US$307m boost
SumUp, the global fintech leader on a mission to level the playing field for small businesses, looks well positioned to continue on an upward trajectory.
The London-based business has raised US$307 million in a funding round led by Sixth Street Growth, with further participation from Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group.
It will be used to expand SumUp’s global footprint and deliver the tools and services needed by small merchants to launch, run and grow their ventures.
“Our mission is to create a world where everyone can build a thriving business,” comments Hermione McKee, CFO at SumUp.
“The consistent growth SumUp has shown over the past 11 years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and support of the investor community. We are excited to have Sixth Street join that community.
“This funding gives us additional firepower to pursue growth opportunities and accelerate products that empower small businesses.”
A trusted financial partner
Founded in 2012, SumUp is the trusted financial partner for more than four million small merchants, providing them with affordable, easy-to-use payments products and financial services.
Through its SuperApp, the company offers a free business account and card, an online store and an invoicing solution – as well as in-person and remote payment acceptance seamlessly integrated with SumUp’s card terminals and point-of-sale registers.
SumUp recently expanded its product and service suite for small merchants with the launch of a cash advance partnership with VPC in the UK, Tap to Pay on iPhone in the UK, France and the Netherlands, and SumUp One, a membership plan that bundles its most popular features for one fixed, discounted price.
What’s more, the organisation maintains a commitment to leveraging its success to make the world a better place, pledging to donate 1% of its revenue to support environmental causes and advocating for educational and entrepreneurial projects around the world.
SumUp continues to grow
This latest funding comes after a year of accelerating momentum for SumUp, which has been operating on a positive EBITDA basis since Q4 2022 while maintaining at least 30% top-line growth year over year.
The business continuously grew its EBITDA margins throughout 2023, as it realised economies of scale and leveraged the platform and merchant relationships it has built over the last 11 years.
SumUp recently launched in Australia, its 36th market, and has built strong partnerships with renowned brands such as JCB and Apple.
“For over a decade, SumUp has consistently delivered sustained growth, boldly entering and leading entirely new product categories and markets,” adds Nari Ansari, Managing Director at Sixth Street Growth.
“This remarkable track record and culture of innovation, combined with SumUp’s thoughtful approach to growth and efficiency, are well-aligned with Sixth Street Growth’s investing strategy.
“How people do business continues to change and SumUp is always there, on the side of their merchants, giving them the tools to make it easier to get paid doing what they love. We are excited to partner with the SumUp team to help them in this next phase of growth.”
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