The credit facility will enable SumUp to provide advance payments to merchants based in the UK in the immediate term and in other European markets in the near future.
SumUp Cash Advance facilitates merchants to obtain finance for their operations and develop growth opportunities for their businesses. The advances (of up to GBP 20,000) are based on merchants’ payment history, and merchants pay back advances through payment acceptance with SumUp card readers, in a flexible and incremental manner. Furthermore, merchants pay a transparent, fixed fee for access to cash advances, and do not have to worry about encountering any hidden fees or monthly interest.
Officials from SumUp said their partnership with Victory Park Capital further enables their mission of simplifying business operations for their merchants. Their cash advance product can support business growth in a transparent and fair manner, enabling merchants to continue doing what they do best, without having to worry about accessing funds. Feedback has been positive to date; merchants appreciate the simplicity of the product, the speed of payout, and its convenient way of paying back the cash advance via card reader sales.
VPC’s representatives expressed their commitment to assisting progressive and pioneering enterprises that contribute to extending access to financial solutions for small businesses. SumUp, a worldwide fintech company, follows a data-centric strategy and offers a range of products aligning with the requirements of contemporary businesses. The partnership with SumUp is seen as a positive move as it aligns with VPC's objective to support merchants by extending their offerings and delivering equitable and transparent, short-term financing solutions, particularly during a challenging market climate.
SumUp’s cash advance product is versatile, with a wide array of applications and potential use cases: it can be used to upgrade machinery and equipment, procure vital inventory in anticipation of busy periods, support transformative renovations to revamp facilities, or capitalise on strategic growth prospects. At a time when businesses are contending with a cost-of-living crisis, the cash advance product can also be used to deal with emergencies, such as unforeseen equipment break-downs, helping to alleviate short-term pressures.
SumUp is a global financial technology company driven by the purpose of levelling the playing field for small businesses. Founded in 2012, SumUp is the financial partner for more than 4 million small merchants in over 35 markets worldwide, helping them start, run, and grow their business.
Through its super app, SumUp provides merchants with a free business account and card, an online store, and an invoicing solution – as well as in-person and remote payments seamlessly integrated with SumUp’s card terminals and point-of-sale registers. SumUp is committed to leveraging its success to make the world a better place: it has pledged to donate 1% of its revenue to support environmental causes and advocates for various educational and entrepreneurial projects around the world.
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