SumUp Snags $371M Loan Backed By Bain, Goldman

Six-year-old digital payments startup SumUp has managed to secure a 330 million-euro ($371 million) loan, backed by Bain Capital Credit and Goldman Sachs Private Capital. The new funds will reportedly go toward financing expansion, according to Bloomberg.  The firm is reportedly looking to grow its customer base in the 31 markets where it is already doing business.

SumUp offers a variety of consumer financial services products and is hoping to add to that list, possibly via acquisitions.  As of today, SumUp makes credit card readers to help businesses of all sizes receive payments faster, both in-store and online. It has also taken improving contactless payments of all sorts as part of its future mandate.

“This cash injection will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services,” said Marc-Alexander Christ, co-founder of SumUp.

Currently SumUp claims about 1.5 million active users worldwide.  Among its better known associates are DHL Worldwide Express and the U.K.’s black cab drivers, but the list is always getting longer as more than 4,000 new business join every day, according to SumUp. For 2019, the forecast is for over 200 million euros in revenue and year-on-year growth of 120 percent. That may seem like a lofty growth goal, but it is actually in line with last year’s performance.

Goldman Sachs International served as lead structuring agent in the deal.