London fintech SumUp has scored a whopping €285 million in growth financing to expand its global fooprint and extend its range of financial products and services for its four million small business customers.
The funding round was led by Sixth Street Growth and also involved Bain Capital Tech Opportunities, Fin Capital and Liquidity Capital.
The new growth funding follows the receipt in August of a $100 million credit facility from Victory Park Capital to drive the launch of a cash advance product for UK and European merchants.
The current raise is a mixture of equity and debt, although SumUp has declined to elaborated on the precise ratio. The firm is understoood to have retained its June 2022 valuation of €8 billion.
The new financing comes after a year of increasing momentum for SumUp, which has achieved positive Ebitda since the fourth quarter of 2022 while reporting revenue growth of more than 30% year-over-year.
Hermione McKee, CFO of SumUp, says: "SumUp’s consistent growth over the past eleven years is a direct result of the success of the traders we serve and would not be possible without the unwavering trust and support of the investor community. We are pleased that Sixth Street is now part of this community. This funding gives us additional ability to pursue growth opportunities and accelerate product developments that support small businesses.”