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Sunday 18 August 2019

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Payments FinTech SumUp raises €330m

Written by Hannah McGrath
18/07/2019

Payments FinTech SumUp has raised €330 million to grow its network of merchants across 31 markets worldwide.

The funding round was led by Goldman Sachs Private Capital, Bain Capital Credit, HPS Investment Partners and TPG Sixth Street Partners.

The company, which enables businesses to receive payments in store and online, has also developed a proprietary card terminal used by 1.5 million businesses, and last year launched a 3G reader that lets merchants process payments without the need for a mobile app or constant Wifi connection.

SumUp said the new funds will be used to continue expanding its product range, both organically and through more acquisitions.

The company has recently broadened its product portfolio through the acquisition of debitoor for accounting and invoicing and Shoplo for ecommerce and marketplaces.

Marc-Alexander Christ, co-founder of SumUp, said: “We believe in affordable, simple and reliable technology that empowers small businesses all over the world to be successful doing what they love.

“As one of the fastest growing technology companies in the world, this cash injection will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position and drive the development of new services.”



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