Following this announcement, SumUp will leverage the new funds in order to accelerate its overall global expansion process. At the same time, the company will develop and deliver the necessary tools for small businesses and merchants to optimise the manner in which they start, run, and grow their overall businesses.
The funding round was led by Sixth Street Growth with further participation by Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group.
Global financial technology company, SumUp had multiple partnerships and developments in the last couple of months, covering several different geographic areas around the world.
In September 2023, SumUp announced the launch of its 7AM payout in the region of the UK, which aimed to enable near-instant access to merchants and traders to their funds. Following this announcement, SumUp wanted to address the UK cost of living crisis and to give businesses and merchants the possibility to improve the manner in which they access their money in a faster and more secure way. In addition, the company also focused on optimising how traders manage their cash flows, as well as keeping up with their expenses. SumUp also requested input from merchants on areas for improvement and options for optimising their overall product suite.
The launch prioritised the process of receiving faster payouts, as it represented a regularly requested tool that provided flexibility and transparency for the merchant’s overall finance management. The additional integration was set to allow businesses that earned money via SumUp before midnight to receive it through a nominated bank account by 7 AM the next day.
Earlier in August 2023, the company announced its launch in Australia, aiming to serve the region’s business community as it also continued its overall expansion plan. The firm’s introduction to the Australian market was also accompanied by the roll-out of its proprietary hardware and software services, which were developed in order to meet the needs, preferences, and demands of local businesses.
According to the press release published at the time, included in the list of products and solutions included in the list made available in Australia were the SumUp Air services, the SumUp ecosystem (which supported multiple payment methods, such as Eftpos, Visa, Mastercard, Google Pay, and Apple Pay, with more to come), as well as the SumUp payment link technology.
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