SumUp, the fintech company known for its affordable and user-friendly payment products, has successfully concluded a funding round, securing €285 ($306m) million in investment, with Sixth Street Growth leading the round. The company, catering to over four million small businesses globally, has been expanding its product and service offerings, such as the SumUp One multi-product subscription, business financing partnerships in the UK with VPC, and the availability of Tap to Pay on iPhone in the UK, France, and the Netherlands.
This funding comes on the heels of a strong year for SumUp, marked by positive earnings before interest, taxes, depreciation, and amortization (EBITDA) since Q4 2022 and a remarkable revenue growth of over 30 percent year-over-year. The company has consistently improved its EBITDA margins, capitalized on economies of scale, and utilized its dealer relationship platform developed over the past 11 years.
The funding round saw participation from notable investors such as Bain Capital Tech Opportunities, Fin Capital, and Liquidity Capital. SumUp had previously raised €590 million in 2022 at a valuation of €8 billion. With this latest round, the company’s total funding has now exceeded €2.28 billion.
Hermione McKee, SumUp’s CFO, emphasized the company’s mission to empower small businesses and expressed gratitude for the unwavering support of the investor community. The funding will provide SumUp with additional resources to pursue growth opportunities and expedite product development in support of small businesses.
Nari Ansari, Managing Director at Sixth Street Growth, praised SumUp’s sustained growth and innovation over the past decade, aligning well with Sixth Street Growth’s investment strategy. Darren Abrahamson, Managing Director at Bain Capital Tech Opportunities, expressed optimism about SumUp’s future, highlighting the company’s commitment to helping small businesses thrive.
Looking ahead, SumUp aims to expand its global presence, ensuring that it continues to offer small merchants the tools and services they need to build, operate, and scale their businesses effectively.