Total amount raised
$4 Billions
Latest funding date
Location
SumUp has successfully raised significant funding through multiple rounds, with its latest being a debt financing round in May 2024. The company is backed by a diverse group of 38 investors, including notable names like Fortress Investment Group and Apollo.
Continue reading to delve into the details of SumUp's funding journey and the strategic investors supporting its growth in the financial technology sector.
What Is SumUp?
SumUp, founded in 2011, is a financial technology company based in London, England. The company was established by Jan Deepen, Marc-Alexander Christ, Petter Made, and Stefan Jeschonnek.
SumUp enables businesses to accept card payments at the point of sale or on the go, offering a range of products including card readers, POS systems, and digital payment solutions.
With a workforce of 1001-5000 employees, SumUp continues to innovate and expand its suite of financial tools to support businesses of all sizes.
How Much Funding Has SumUp Raised?
- Amount Raised: €330M
- Date: July 2019
- Lead Investors: Bain Capital Credit, GS Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business expansion and product development.
- Amount Raised: €750M
- Date: March 2021
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance existing debt and fuel international growth.
- Amount Raised: R$300M
- Date: May 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen market position in Brazil.
- Amount Raised: €590M
- Date: June 2022
- Lead Investors: Bain Capital Tech Opportunities
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enhance technological infrastructure.
- Amount Raised: $100M
- Date: August 2023
- Lead Investors: Victory Park Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational scaling.
- Amount Raised: €285M
- Date: December 2023
- Lead Investors: Sixth Street
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel further expansion and innovation in financial technology solutions.
- Amount Raised: €1.5B
- Date: May 2024
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance existing debt and pursue international growth opportunities.
Total Amount Raised: $3.6B. Current Valuation: Not publicly disclosed.
Key Investors
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. It provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments, and individuals.
- Investment Focus Areas: Technology, financial services, healthcare, consumer and retail, industrials.
- Notable Investments: Uber, Spotify, WeWork.
- Apollo Global Management
- Details: Apollo Global Management is a global alternative investment manager. It specializes in private equity, credit, and real assets.
- Investment Focus Areas: Private equity, credit, real assets.
- Notable Investments: ADT, Rackspace, McGraw-Hill Education.
- Fortress Investment Group
- Details: Fortress Investment Group is a global investment management firm. It focuses on asset-based investing, including private equity, credit, and real estate.
- Investment Focus Areas: Private equity, credit, real estate.
- Notable Investments: Intrawest, RailAmerica, Nationstar Mortgage.
- Sixth Street Growth
- Details: Sixth Street Growth is a global investment firm focused on providing flexible, long-term capital to growing companies. It operates across a wide range of sectors and geographies.
- Investment Focus Areas: Growth investments, technology, healthcare, financial services.
- Notable Investments: Airbnb, Spotify, Airbnb.
- Vista Credit Partners
- Details: Vista Credit Partners is the credit investment arm of Vista Equity Partners. It focuses on credit investments, particularly in software, data, and technology-enabled businesses.
- Investment Focus Areas: Credit investments, technology, software.
- Notable Investments: Datto, Ping Identity, Mindbody.
What's Next for SumUp?
SumUp's recent €1.5 billion funding round, led by Goldman Sachs, opens up vast opportunities for the company. With this substantial financial backing, SumUp can refinance existing debt and aggressively pursue international growth. The funds will also enable the expansion of their product offerings, including the SumUp Business Account, SumUp Invoices, and POS systems, positioning them to capture a larger market share in the rapidly growing fintech sector.
Future fundraising seems promising, given the strong investor confidence demonstrated by the oversubscribed funding round. SumUp's positive EBITDA and sustained growth make it an attractive candidate for further equity and debt financing. However, the company will need to navigate challenges such as managing the large influx of capital, maintaining profitability while scaling, and dealing with competitive pressures in the global fintech market.
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