Sunday, June 23, 2024
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London-based payment startup SumUp has successfully secured €285 million ($306.6 million) in its latest funding round, led by Sixth Street Growth, the growth-focused arm of global investment firm Sixth Street. The round also saw participation from existing investor Bain Capital Tech Opportunities, fintech investment firm Fin Capital, and debt financing firm Liquidity Group. SumUp’s Chief Financial Officer, Hermione McKee, stated that the fresh capital would provide the company with enhanced flexibility for pursuing opportunities, including potential acquisitions and the launch of services in new countries.

This funding round further bolsters SumUp’s valuation, exceeding $8.6 billion, positioning it as a significant player in the payments sector. The majority of the funds were raised as equity, with a smaller portion secured through debt financing. SumUp’s CFO highlighted the company’s focus on geographical expansion, citing the recent launch of its services in Australia as an example of its ongoing global reach.

Despite challenges in the European technology landscape, SumUp’s ability to achieve an up-round in its valuation underscores its resilience. The funding will empower SumUp to continue its growth trajectory, exploring opportunities across Latin America, Asia, and Africa. The company remains committed to its strategy of assessing potential through a “buy versus build” lens.

SumUp faces competition from industry giants like Block (formerly Square), PayPal’s iZettle, FIS’ WorldPay, Stripe, and Adyen. Notably, SumUp has diversified its business lines, including venturing into lending. The company introduced a service enabling merchants to apply for cash advances or business loans based on their card sales revenues. This move aligns with SumUp’s commitment to innovation, expanding its point-of-sale offerings, including self-service kiosks and tapping into Apple’s Tap to Pay feature.

SumUp’s successful funding round positions it for further strategic initiatives, including potential mergers and acquisitions to support its global expansion. While the company has not disclosed immediate plans for an IPO, it emphasizes its access to private capital markets for continued growth and development. SumUp’s CFO stated that the company’s ongoing focus includes operational improvements to meet the standards expected for public markets, although an IPO is not imminent at this stage.


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