Sumup closes a 285 million spherical | EUROtoday

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«Our mission is to create a world the place anybody can construct a thriving enterprise – feedback Hermione McKee, CFO of SumUp -. The regular development that SumUp has proven over the previous eleven years is a direct results of the success of the retailers we serve, and wouldn’t have been attainable with out the belief and robust help of the funding neighborhood. We are thrilled that Sixth Street is becoming a member of the traders who’re supporting us. This funding will enable SumUp to seize additional development alternatives and develop merchandise that empower small companies.”

International expansion

SumUp offers more than 4 million businesses around the world convenient, easy-to-use payment and financial services solutions. It recently expanded its range of products and services for small merchants with the launch of a Cash Advance partnership with VPC in the UK. Furthermore, in the United Kingdom, France and the Netherlands it launched the Tap to Pay solution on iPhone, which allows you to use your smartphone to accept contactless payments from your mobile device or contactless card. Finally, one of the latest innovations in Italy and other European countries is SumUp One, a subscription plan that gives participating merchants the opportunity to access its services and devices with significant discounts, as well as dedicated offers and the possibility of taking advantage of lower commissions on the single transaction. Finally, SumUp was recently launched in Australia, the 36th market in which it is active, and has entered into partnerships with prestigious brands such as JCB and Apple.

The investment of funds

The transaction was led by Sixth Street Growth, Sixth Street’s dedicated growth investment platform, a leading global investment firm with more than $74 billion in assets under management and committed capital. Since its founding, Sixth Street has invested more than $9 billion in more than 70 companies through its Growth franchise. Sixth Street Growth’s investments include Airbnb, AvidXchange, Bloomreach, Contentsquare, Datavant, Gainsight, Kaseya, MasterControl, MDLIVE, Spotify and Sprinklr.

«For over a decade, SumUp has experienced sustained growth and has courageously faced and led the market, introducing entire categories of completely new products – says Nari Ansari, managing director of Sixth Street Growth – The remarkable track record and culture of SumUp’s innovation, along with its efficiency and thoughtful approach to growth, are aligned with Sixth Street Growth’s investment strategy. The way merchants manage their businesses continues to change, yet SumUp is always present: over the years it remains alongside merchants by providing them with new tools that make it easier to accept payments and, in the meantime, continue to do the work they love. We are excited to partner with the SumUp team and support the next phase of growth.”

Bain Capital Tech Opportunities additionally took half within the spherical, which focuses on 5 funding classes: utility software program, infrastructure and safety, fintech and funds, healthcare IT and web and digital media. It is a enterprise unit of Bain Capital, a non-public funding firm on the planet with roughly 180 billion {dollars} in belongings underneath administration.