Fintech Startup SumUp has defied the odds. Amid a challenging funding landscape for European fintech, 2023 witnessed a staggering 70% drop in raised capital for startups during the first half compared to the prior year. However, breaking through this trend, British payment startup remarkably secured €285mn, fortifying its position for global expansion.
Established in the UK in 2012, the fintech startup has steadfastly pursued its mission to level the playing field for small businesses. Through its versatile SuperApp, the company offers merchants an array of essential tools including an online store, free business accounts, invoicing solutions, and seamless payment integration for both remote and in-person transactions via card terminals and point-of-sale systems.
Recently, the startup unveiled three new services: a strategic cash advance collaboration with VPC in the UK, Tap to Pay functionality on iPhones across France, the Netherlands, and the UK, and the introduction of SumUp One—a bundled membership plan amalgamating its most sought-after features at a discounted rate.
SumUp scores 30% YoY growth trajectory
With a footprint now spanning 36 markets and serving over four million small businesses globally, the fintech firm’s latest capital infusion follows a notable 30% year-over-year growth trajectory.
Hermione McKee, SumUp’s CFO, emphasized, “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 support of the investor community. This funding gives us additional firepower to pursue growth opportunities and accelerate products that empower small businesses.”
The funding drive was spearheaded by Sixth Street Growth and saw support from prominent investors such as Bain Capital Tech Opportunities, Fin Capital, and Liquidity Group.
Darren Abrahamson, Managing Director at Bain Capital Tech Opportunities, commented, “[SumUp] has recently impressed us as investors with the successful pursuit of delivering both profitability and growth. We continue to be very optimistic for SumUp’s future and are therefore continuing to re-invest.”
The fintech startup resilience and success stand as a testament to the UK’s robust fintech landscape, countering the overall funding downturn experienced in the European sector.
