London’s fintech scene is buzzing with excitement as SumUp, a renowned player in the sector, has recently secured a whopping €285 million in funding. This significant financial boost, led by Sixth Street Growth and including key players like Bain Capital Tech Opportunities and Liquidity Capital, positions SumUp at the forefront of global fintech innovation.
SumUp’s journey has been nothing short of impressive. Achieving positive EBITDA since the last quarter of 2022 and boasting a revenue growth exceeding 30% year-over-year, the company has masterfully leveraged its merchant relationship platform. This financial milestone follows a year of dynamic momentum for SumUp, which has not only expanded its market reach but also enhanced its product and service offerings to better serve small merchants.
The recent expansion into Australia marks SumUp’s entry into its 36th market, showcasing its commitment to global growth. Moreover, the company has forged strong partnerships with industry giants like JCB and Apple, further solidifying its position in the fintech space.
Hermione McKee, SumUp’s CFO, encapsulates the company’s ethos beautifully: “Our mission is to create a world where everyone can build a successful business.” This funding round is a testament to the unwavering support and trust of the investor community and reflects SumUp’s commitment to providing small businesses with the tools they need to thrive.
SumUp is more than just a fintech company; it’s a global facilitator for small businesses. With a user base of over 4 million small businesses worldwide, SumUp offers affordable, easy-to-use payment products and financial services. From bundled product subscriptions like SumUp One to business financing collaborations in the UK, SumUp is continuously innovating to meet the needs of its customers.
Nari Ansari from Sixth Street Growth praises SumUp’s sustained growth and bold expansion into new markets and product categories. He highlights SumUp’s innovative culture and efficient growth approach as key factors aligning with Sixth Street Growth’s investment strategy.
Darren Abrahamson of Bain Capital Tech Opportunities echoes this sentiment, expressing optimism for SumUp’s future. He commends the company’s successful pursuit of profitability and growth, underscoring its commitment to supporting small businesses.
Since its inception in 2012, SumUp has been a game-changer in the fintech space. Offering a range of services from free business accounts and card solutions to online shops and invoicing systems, SumUp provides an all-in-one solution for merchants. Beyond its financial services, SumUp is dedicated to making a positive impact, donating 1% of its sales to environmental projects and supporting educational and entrepreneurial initiatives globally.
In 2023, SumUp’s commitment to diversity and inclusion earned it a spot as a Top Global Employer for Inclusion by the Stonewall Workplace Equality Index. This recognition is a testament to SumUp’s broader mission of using its platform for global betterment.
SumUp’s latest funding round is not just a financial achievement; it’s a stepping stone towards empowering small businesses across the globe. With its innovative solutions and global outreach, SumUp is poised to redefine the fintech landscape, one small business at a time.
