SumUp’s fundraise was oversubscribed and saw participation from Goldman Sachs, Temasek, which has invested in fellow payment providers Adyen, Visa, PayPal, Mastercard, Bain Capital Credit, Crestline, and Oaktree Capital Management. The fintech, which provides payment terminals, online payments, and invoice services to businesses, has said the funding will be used to accelerate its growth and international expansion, as well as any potential M&A opportunities.
SumUp will use the debt facility to support merchants across the 33 markets it’s currently active in, as well as using the cash to expand into Chile, Colombia, and Romania. As well as M&A and international expansion plans, SumUp will also use the funding to grow its 2,000 employee-strong team over the next 12 months, adding new staff to all of its 19 international offices. The fintech currently supports more than three billion businesses globally and of the 33 markets SumUp is active in, 29 of them are in Europe.
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