London-based global payments service provider SumUp announced that it has raised a €750 million facility from Goldman Sachs, Temasek, Bain Capital Credit, Crestline, and funds managed by Oaktree Capital Management.
The current round was oversubscribed due to high demand from new and existing investors.
SumUp will use the proceeds to accelerate its growth and continue to acquire and support its existing merchants in 33 markets across the world.
The new funds will also be used to continue expanding SumUp’s product suite, both organically and through further acquisitions (M&A), as well as for refinancing existing debt facilities.
The company has recently broadened its product portfolio in the POS and gastronomy space across the UK and continental Europe through the acquisition of leading POS software providers Goodtill and Tiller.
SumUp has also recently 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.
In the year ahead, SumUp is looking to grow its more than 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, SumUp 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 hugely significant step for SumUp, with the fourth largest economy in LATAM and a population of over 50 million people now able to come into contact with the company’s technology.
Marc-Alexander Christ, Co-founder at SumUp comments,
“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.”
