Global Fintech SumUp Raises €285 Million Led By Sixth Street Growth and Bain Capital Tech Opportunities
Funding is a result of SumUp’s proven ability to run profitably and generate impressive growth
London, 11th December: SumUp, the leading global financial services company, today announced it raised €285 million in funding led by Sixth Street Growth with further participation by Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group. The funding will be used to expand SumUp’s global footprint and deliver the tools and services that small merchants need to start, run, and grow their business.
The new funding comes after a year of accelerating momentum for SumUp, which has been operating on a positive EBITDA basis since Q4 2022 while maintaining over 30 percent top-line growth year over year. The company continuously grew its EBITDA margins throughout 2023, as it realised economies of scale and leveraged the platform and merchant relationships it has built over the last 11 years. SumUp recently launched in Australia, its 36th market, and has built strong partnerships with renowned brands such as JCB and Apple.
SumUp CFO Hermione McKee said on the round: “Our mission is to create a world where everyone can build a thriving business. The consistent growth SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and support of the investor community. We are excited to have Sixth Street join that community. This funding gives us additional firepower to pursue growth opportunities and accelerate products that empower small businesses.”
SumUp provides more than 4 million businesses worldwide with affordable, easy-to-use payments products and financial services. SumUp recently expanded its product and service suite for small merchants with the launch of a cash advance partnership with VPC in the UK, Tap to Pay on iPhone in the UK, France and the Netherlands, and SumUp One, a membership plan that bundles its most popular features for one fixed, discounted price.
Nari Ansari, Managing Director at Sixth Street Growth added: “For over a decade, SumUp has consistently delivered sustained growth and boldly entered and led entirely new product categories and markets. This remarkable track record and culture of innovation combined with SumUp’s thoughtful approach to growth and efficiency are well-aligned with Sixth Street Growth’s investing strategy. How people do business continues to change and SumUp is always there, on the side of their merchants, giving them the tools to make it easier to get paid doing what they love. We are excited to partner with the SumUp team to help them in this next phase of growth.”
Darren Abrahamson, Managing Director at Bain Capital Tech Opportunities added: “SumUp continues to deliver on the promise of helping small businesses thrive. It has recently impressed us as investors with the successful pursuit of delivering both profitability and growth. We continue to be very optimistic for SumUp’s future and are therefore continuing to re-invest.”
Weil, Gotshal & Manges LLP acted as a legal advisor to SumUp on the fundraising.
Recent company milestones
10 years of SumUp
- Funding round of €590 million. Total funding at that stage: over €1.5 billion
- SumUp recognised as a Top Global Employer for inclusion by the Stonewall Workplace Equality Index
- SumUp first major fintech to sign up to 1% for the Planet
- SumUp expands its service offering into the B2C payments space with ‘SumUp Pay’
- Launch of entry-level, no subscription fee, PoS stand and material improved Professional version
Partnership with JCB (Europe)
- Launch of subscription product SumUp One (IT, SP, UK, FR, DE)
- Launch of SumUp Kiosk (UK)
- Launch of Australia – 36th market
- Funding of $100 million for merchant cash advance product (UK)
- Launch of Tap to Pay on iPhone (UK, FR, NL)
- Funding round of €285 million
SumUp is a leading global financial technology company driven by the purpose of levelling the playing field for small businesses. Founded in 2012, SumUp is the financial partner for more than 4 million small merchants in 36 markets worldwide, helping them start, run and grow their business. Through its SuperApp, SumUp can provide merchants with a free business account and card, an online store, and an invoicing solution – as well as in-person and remote payment acceptance seamlessly integrated with SumUp’s card terminals and point-of-sale registers. SumUp is committed to leveraging its success to make the world a better place, pledging to donate 1% of its revenue to support environmental causes and advocating for educational and entrepreneurial projects around the world. In 2023 SumUp was recognised as a Top Global Employer for inclusion by the Stonewall Workplace Equality Index. For more information, please visit sumup.co.uk.
About Sixth Street Growth
Sixth Street Growth makes investments in mid- and late-stage technology companies. The Sixth Street Growth team partners with founders and management teams to provide accretive financings to accelerate organic and inorganic growth. Sixth Street Growth is the dedicated growth investing platform of Sixth Street, a leading global investment firm with over $74 billion in assets under management and committed capital. Sixth Street has invested over $9 billion in more than 70 companies through its Growth franchise since inception. Select Sixth Street Growth investments include Airbnb, AvidXchange, Bloomreach, Contentsquare, Datavant, Gainsight, Kaseya, MasterControl, MDLIVE, Spotify, and Sprinklr. For more information, visit www.sixthstreetgrowth.com, and follow Sixth Street on LinkedIn.
About Bain Capital Tech Opportunities
Bain Capital Tech Opportunities (www.baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities. Bain Capital Tech Opportunities focuses on five priority sub-verticals: Application Software, Infrastructure & Security, Fintech & Payments, Healthcare IT, and Internet & Digital Media. We are a business unit of Bain Capital, one of the world’s leading private investment firms with approximately $180 billion in assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live.