Goldman Sachs Asset Management led a private credit loan offering that secured €1.5 billion for UK-based fintech startup, SumUp.
SumUp Chief Financial Officer (CFO), Hermione Tomic, disclosed the funding in a press release seen by Newsng on Friday.
The most recent round of capital was provided by Sixth Street Growth, Liquidity Group, Bain Capital Tech Opportunities, and Fin Capital, and it comes just months after the global fintech raised US$307 million in fundraising in December 2023.
BlackRock, Liquidity Capital, Oaktree Capital Management, Sentinel Dome, Hong Kong’s state-owned investment company Temasek, and Crestline Investors are among the other lenders taking part in the financing round.
As new investors, AllianceBernstein, Apollo Global Management, Arini, Deutsche Bank AG, Fortress Investment Group, SilverRock Financial Services, and Vista Credit Partners also took part.
With its main office located in London, SumUp runs a super-app that offers card, payment, and business account services, online shop functionality, and invoicing solutions to four million merchants in 36 markets.
The fintech intends to “refinance existing debt and seize global growth opportunities” as well as “take advantage of organic and inorganic growth opportunities in the future” with its new capital, according to its most recent statement.
SumUp’s “requirements from capital markets have evolved” since it began its expansion efforts, according to CFO Hermione McKee.
“However, he asserts that this evolution has been greeted with “solid and steady support from the investor community,” as seen by the company’s ongoing influx of investor capital.
“This new financing will support us as we focus on providing best-in-class support experiences for our merchants and giving them the products and tools they need to succeed.”
We earlier reported that TLcom Capital, an African venture capital firm that specialises in early-stage entrepreneurs has raised $154 million for its second fund, TIDE Africa Fund II.
