London-based Fintech SumUp Raises €285M to Support Small Retailers' Growth

London-based fintech SumUp secures €285 million in funding, led by Sixth Street Growth, to support small retailers globally. With revenue growth exceeding 30% YoY and positive EBITDA since Q4 2022, SumUp plans to expand its international reach and empower small businesses with essential resources. Over 4 million businesses worldwide rely on SumUp for cost-effective banking and payment solutions. The funding follows SumUp's 36th market debut in Australia and collaborations with major companies like Apple and JCB.

SumUp CFO Hermione McKee emphasizes the company's mission to enable everyone to build a successful business. The funding from Sixth Street and other investors, including Bain Capital Tech Opportunities and Fin Capital, will accelerate product development and growth initiatives. SumUp One, a multi-product subscription, and UK business financing through a partnership with VPC are among the recent offerings.

Managing Director at Sixth Street Growth, Nari Ansari, praises SumUp's sustained growth, efficiency, and innovative culture. The investment aligns with Sixth Street Growth's strategy, supporting SumUp through its next stage of expansion. Investors like Bain Capital express confidence in SumUp's pursuit of growth and profitability, promising continued support for the company's future endeavors.

Founded in 2012, SumUp provides free business accounts, payment options, and integrated solutions for merchants. The company's commitment to global entrepreneurial initiatives and environmental projects, donating 1% of sales, has earned it recognition as a Top Global Employer for Inclusion in 2023 by the Stonewall Workplace Equality Index.