Digital payments provider SumUp revealed on Tuesday that it has borrowed a sum of 750 million euros ($894 million) from backers led by Goldman Sachs. These funds will be used to fuel the London-based company’s acquisitions and new product efforts, with the end goal of continuing its global expansion.
In addition to Goldman Sachs, the likes of Singapore’s Temasek Holdings, Bain Capital Credit, and Crestline were involved in the latest fundraising efforts, along with funds run by Oaktree Capital Management. As a provider of mobile point of sales terminals for small businesses such as cafes and car repair shops, SumUp’s customer base took a significant hit from the lockdowns enforced for the purpose of battling the ongoing coronavirus pandemic.
“We are interested in everything relating to small merchants,” said SumUp co-founder Marc-Alexander Christ. He then took the time to emphasize that the recent loan would mean that stakeholders’ shares would not have to be diluted in order to raise the required funds.
Founded in 2012, SumUp currently serves three million merchants in 33 markets spanning Europe, the United States, and Brazil. It currently faces most of its competition from U.S. payments companies Square and Paypal, as well as Swedish rival iZettle.
