2023 has been a tough funding year for European fintech startups, with raised capital dropping 70% drop in H1 compared to the same period in 2022. But against this backdrop, British payment startup SumUp has still managed to bag €285mn to enlarge its global footprint.
SumUp was founded in the UK in 2012 with the mission to level the playing field for small businesses. Through its SuperApp, it provides merchants with an online store, a free business account, and an invoicing solution — alongside remote and in-person payments integrated with the company’s card terminal and point-of-sale registers.
The startup recently introduced three more services: a cash advance partnership with VPC in the UK, Tap to Pay on iPhone in France, the Netherlands, and the UK, and SumUp One — a membership scheme that combines the company’s most popular features for a set, discounted price.
SumUp is now working together with over four million small businesses in 36 markets across the globe. The fresh injection of capital follows a 30% growth year-over-year.
“The consistent growth SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and preserve of the investor community,” said the company’s CFO Hermione McKee. “This funding gives us additional firepower to follow growth opportunities and accelerate products that empower small businesses.”
The funding round was led by Sixth Street Growth and was also backed by Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group.
“[SumUp] has recently impressed us as investors with the successful pursuit of delivering both profitability and growth,” added Darren Abrahamson, Managing Director at Bain Capital Tech Opportunities. “We continue to be very optimistic for SumUp’s future and are therefore continuing to re-invest.”
The company’s example offers another confirmation that the UK — a well-established fintech hotspot — is showing more resilience amid the sector’s funding slump in Europe.
