Card acceptance startup SumUp secures USD 371 mln loan

Wednesday 17 July 2019 00:43 CET | News

UK-based mobile point-of-sale (mPOS) company SumUp has raised USD 371 million loan from investors to support expansion.

Established in 2012, SumUp delivers credit card readers to allow businesses and merchants to accept card payments. Till now, the company has expanded to 31 countries including the US, Germany, and Brazil.

The company received the backing from Bain Capital Credit, Goldman Sachs Private Capital, HPS Investment Partners, and TPG Sixth Street Partners. SumUp will utilise the funding to bolster its merchant base across all markets it serves. Additionally, it intends to expand its product portfolio through development and acquisitions.

Currently, the company has more than 1.5 million active users. According to SumUp’s website, its end-to-end payments platform is a fully-certified EMV mPOS system. It covers an entire payment ecosystem including card terminals, Android and iOS mobile apps, a payment processing platform, and anti-fraud solutions.

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Keywords: SumUp, The UK, point-of-sale, mPOS, credit card, merchants, cards
Countries: World

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