UK-based mobile payment startup SumUp raises €330M backed by Bain and Goldman

London-based SumUp has announced recently that it has raised a €330 million facility from Bain Capital Credit, Goldman Sachs Private Capital, HPS Investment Partners, and TPG Sixth Street Partners.

The mobile payment company will use this capital to accelerate its growth and acquire new merchants in its 31 markets across the globe. The new funds will be used to continue expanding SumUp’s product suite, both organically and through more acquisitions (M&A). The company has recently broadened its product portfolio through the acquisition of Debitoor, for accounting and invoicing, and Shoplo, for eCommerce and marketplaces. 

The company plans to continue its track record of over 120% year-over-year growth. SumUp is looking to grow its 1500+ strong team with the world’s best talent across its 15 offices on three continents. 

SumUp was named Europe’s fastest-growing company in the ‘Inc. 5000’ in 2018 and has over 4,000 companies joining the platform daily. With its card terminals relied upon by over 1.5 million users globally, SumUp expects to generate over €200m in revenue this year. 

Marc-Alexander Christ, Co-Founder of SumUp, comments:

We believe in affordable, simple, and reliable technology that empowers small businesses all over the world to be successful doing what they love. As one of the fastest-growing technology companies in the world, this cash injection will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services.

Goldman Sachs International acted as lead structuring agent, Barclays Plc as structuring agent, and Weil, Gotshal & Manges acted as legal adviser to SumUp on the financing.

SumUp is a financial technology company that allows businesses of all sizes to receive payments quickly and simply, both in-store and online. Named as Europe’s fastest-growing company in the ‘Inc. 5000’ in 2019, SumUp has over 4,000 companies joining the platform every day globally and – with its card terminals relied upon by businesses from DHL to black cab drivers – SumUp expects to generate €200 million in revenue in 2019. In October 2018, SumUp released its 3G reader, a card terminal that lets merchants process payments without the need for a mobile app or constant Wi-Fi connection.

The promising startup offers 100% digital sign-up, fast delivery, and quick and easy set-up means that merchants can be empowered by digital transactions within just minutes from receiving their card terminal.

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