U.Okay.-based fintech SumUp has raised $1.6 billion (€1.5 billion) in a non-public credit score debt transaction.
The deal was led by Goldman Sachs Asset Administration, and can allow SumUp to refinance debt and pursue worldwide progress alternatives.
SumUp received Better of Present at FinovateEurope 2013, a 12 months after the corporate was based.
In a deal led by Goldman Sachs Asset Administration, U.Okay.-based fintech SumUp has secured $1.6 billion (€1.5 billion) in a non-public credit score debt transaction. The financing will allow SumUp to refinance present debt in addition to reap the benefits of progress alternatives all over the world.
The deal provides SumUp a set of latest traders: AllianceBernstein, Apollo International Administration, Arini, Deutsche Financial institution AG, Fortress Funding Group, SilverRock Monetary Companies, and Vista Credit score Companions. It additionally comes six months after the corporate raised $307 million (€285 million) in fairness and debt in a spherical led by Sixth Road Progress. Bain Capital Tech Alternatives, Fin Capital, and Liquidity Capital additionally participated in that financing.
In a press release SumUp CFO Hermoine McKee pointed to an evolution within the firm’s “necessities from capital markets” in explaining SumUp’s most up-to-date fundraising effort. “Lenders perceive and help our mission to create a world the place everybody can construct a thriving enterprise, and acknowledge our profitable strategies of reaching, sustaining, and balancing profitability and progress,” McKee mentioned. “This new financing will help us as we give attention to offering best-in-class help experiences for our retailers and giving them the merchandise and instruments they should succeed.”
To this finish, SumUp famous in a press release that the corporate has generated constructive EBITDA since December 2022, in addition to reaching a “decade of sustained progress.” The corporate at present counts 4 million companies amongst its companions, who depend on SumUp for companies starting from funds and order processing to buyer acquisition and cash administration.
“SumUp has all the time loved strong and regular help from the investor neighborhood, and it’s this continued backing which has enabled us to develop sustainably over the previous 10+ years, serving hundreds of thousands of retailers of all sizes globally,” McKee mentioned.
Based in 2012, SumUp received Better of Present in its Finovate debut at FinovateEurope in 2013. The corporate started this 12 months with its SumUp Beacon occasion which launched retailers to a spread of latest SumUp options. These new choices included SumUp Enterprise Account, SumUp Invoices, SumUp Kiosk, and SumUp On-line Retailer. SumUp additionally unveiled a pair of latest Level of Sale (POS) options: POS Lite to boost over-the-counter gross sales, and POS Professional to supply enhanced stock administration.
Picture by Markus Spiske on Unsplash
