Mobile payments firm SumUp secures €750m in funding

Tyrone Stewart

Mobile payments company SumUp has raised €750m ($894m/£644m) in funding as it looks to accelerate its growth across the world. Investment in the round comes from Goldman Sachs, Temasek, Bain Capital Credit, Crestline, and funds managed by Oaktree Capital Management.

London-based SumUp will use the capital to accelerate its growth and continue to acquire and support merchants in the 33 markets it operates in. It will also look to expand its product suite through a combination of organic developments and mergers and acquisitions, while refinancing existing debt facilities.

“Each day I continue to be impressed by how the SumUp team has faced down the challenges of the past year and continued to deliver the vital, payments technology that empowers small businesses all over the world; helping them to continue to be successful doing what they love best,” said Marc-Alexander Christ, Co-founder of SumUp. “As one of the fastest growing technology companies in the world, this cash injection – in addition to having the built-in option to expand the financing – will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services to support our merchants globally.”

The company recently broadened its product portfolio within the point-of-service space with the acquisitions of Goodtill and Tiller. It also recently purchased core banking system provider Paysolut.