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December 13, 2023

SumUp Secures €285M, Empowering Small Businesses Amid Economic Challenges

The fintech marvel that is SumUp, weaving financial wonders for businesses around the globe

In the ever-shifting landscape of small and medium-sized enterprises (SMEs), the quest for accessible finance has intensified against the backdrop of stringent credit evaluations and extended payment terms by traditional banks. In response to this economic climate, innovative companies like Triver and Parafin have emerged as lifelines for small businesses, providing the essential cash flow needed to navigate these challenging times. Among the notable players in this arena stands SumUp, a London-based fintech giant originally rooted in Germany. With an impressive financing round of €285 million, led by Sixth Street Growth and backed by Bain Capital Tech Opportunities, Fin Capital, and Liquidity Capital, SumUp is gearing up to empower nearly 4 million small businesses across Europe, the Americas, and Australia. Let's delve into how SumUp plans to reshape the fintech landscape and bolster the resilience of small merchants worldwide.

Founded in 2012 by Marc-Alexander Christ, Petter Made, Jan Deepen, and Stefan Jeschonnek in the vibrant city of London, SumUp has been a beacon for small merchants seeking fair, easy, and reliable payment solutions. In its latest financing round, SumUp successfully secured €285 million, adding to the €590 million raised previously at an impressive €8 billion valuation. With a total funding of $1.5 billion to date, SumUp is not just a fintech unicorn; it's a driving force behind the dreams and aspirations of countless small businesses.

With the recent injection of funds, SumUp is strategically positioning itself to weather the uncertainties in the fintech landscape and expand its global footprint. The company's commitment goes beyond survival; it aims to thrive by offering an array of financial tools and services essential for the growth of small merchants. From invoicing and loyalty programs to business accounts, SumUp's financial services Super App seamlessly integrates in-person and remote payments with proprietary card terminals and point-of-sale registers.

SumUp's dedication to small businesses goes beyond financial transactions. Recently, the company introduced SumUp One, a multi-product subscription bundling popular features at a fixed, reduced price. This innovative approach reflects SumUp's mission to simplify the journey for small merchants, providing them with a free business account, an online store, and an invoicing solution.

SumUp doesn't just stop at financial services; it's committed to making a positive impact on the world. The company allocates 1% of its sales to support environmental initiatives and champions education and entrepreneurship projects globally.

As Hermione McKee, CFO of SumUp, aptly puts it, "Our mission is to create a world where everyone can build a successful business." This substantial funding not only affirms SumUp's consistent growth over the past eleven years but also signals a renewed commitment to supporting small businesses on their journey to success. With Sixth Street joining the investor community, SumUp is poised for accelerated growth and product developments that will further empower and uplift small merchants worldwide. In the realm of fintech, SumUp stands not just as a financial solution but as a catalyst for the dreams and ambitions of small businesses around the globe.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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