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SumUp Secures €1.5 Billion in Funding led by Goldman Sachs to Expand Global Operations

SumUp, a prominent fintech company, has recently secured a significant €1.5 billion in funding from private credit lenders, marking one of the largest such deals in Europe. Led by Goldman Sachs, this financial milestone not only underscores SumUp’s robust market position but also highlights the growing confidence in fintech solutions globally. This investment is set to catalyze further growth, supporting SumUp’s expansion plans and ongoing innovation in payment technologies.

Company Background

Founded in 2012 in London, SumUp has emerged as a leading financial technology firm dedicated to empowering small businesses with simple, efficient payment solutions. With a mission to make everyday business operations easier for merchants worldwide, SumUp has grown rapidly, extending its reach across Europe, the Americas, and beyond. Its headquarters remain in London, but it boasts a significant global presence, serving millions of businesses across various continents. The company’s evolution from a small startup to a key player in the fintech sector illustrates its commitment to innovation and customer-centric solutions.

Details of the Funding Round

In this groundbreaking funding round, SumUp has raised €1.5 billion, an amount facilitated by a consortium of top-tier investors, with Goldman Sachs at the helm. This round was notably oversubscribed, indicating strong investor confidence in SumUp’s business model and growth trajectory. Not just a simple capital raise, the funds are earmarked for strategic refinancing of existing debts and accelerating SumUp’s expansion into new and existing markets. Key investors, including AllianceBernstein, Apollo Global Management, and Deutsche Bank AG, played significant roles, further solidifying the trust and potential seen in SumUp’s future. Freshfields Bruckhaus Deringer LLP acted as legal advisor to SumUp on the fundraising.

SumUp has always enjoyed solid and steady support from the investor community, and it’s this continued backing which has enabled us to grow sustainably over the past 10+ years, serving millions of merchants of all sizes globally. As the company scales further and our services and products continue to expand, our requirements from capital markets have evolved. Lenders understand and support our mission to create a world where everyone can build a thriving business, and recognise our successful methods of achieving, sustaining, and balancing profitability and growth. This new financing will support us as we focus on providing best-in-class support experiences for our merchants and giving them the products and tools they need to succeed.

SumUp CFO Hermione McKee

Financial Health and Performance of SumUp

Since its inception, SumUp has demonstrated a solid financial track record, reaching a significant milestone of positive EBITDA by December 2022. This achievement highlights its operational efficiency and profitability in a competitive fintech landscape. The company’s revenue has seen consistent growth, driven by an increasing demand for mobile payment solutions and an expanding merchant base. This latest funding round not only reaffirms the company’s financial stability but also sets the stage for sustained growth and innovation in the dynamic sector of digital payments.

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A SumUp payment processing machine on a merchant cash counter.
Image source: SumUp

Product and Services Overview

SumUp provides a comprehensive range of products and services designed primarily for small to medium-sized businesses, focusing on ease of use and accessibility. The core offering includes mobile card readers that facilitate payments via contact and contactless methods, including Apple Pay and Google Pay. Over the years, SumUp has expanded its suite to include a broader array of payment solutions, such as an online store setup, invoicing, and third-party integrations, catering to the evolving needs of global merchants in the digital age.

Market Analysis

The fintech market, particularly the segment focusing on payment solutions, is fiercely competitive and rapidly evolving. SumUp operates in this high-stakes environment against major incumbents like Square and PayPal, as well as a slew of startups. However, SumUp has carved out a niche for itself by focusing on simplicity and integration capabilities that appeal to small business owners.

Being headquartered in London, SumUp enjoys strategic advantages in the European market, such as proximity to major financial markets and alignment with European regulatory frameworks. This positioning aids in navigating the complex landscape and tailoring services to meet the diverse needs of European merchants. Its continuous investment in technology and expansion into new markets are key strategies that help maintain its competitive edge and respond to shifts in consumer and business financial behavior.

Customer Base and Target Markets

SumUp primarily serves small and medium-sized enterprises (SMEs), ranging from local coffee shops to independent retail stores across various countries. These businesses seek cost-effective, straightforward, and reliable payment processing solutions, which SumUp provides. The strategic focus on these smaller enterprises has allowed SumUp to address a market segment often underserved by larger financial institutions. With the fresh infusion of capital, SumUp is well-positioned to expand its services to new regions, potentially entering markets in Asia and Africa where digital payment adoption is accelerating.

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Future Plans and Expectations

Looking ahead, SumUp plans to leverage its new funding to accelerate product development and market expansion. The company aims to introduce more integrated financial services, such as advanced business analytics and expanded digital payment options, to provide more comprehensive solutions for its customers. Additionally, SumUp is looking to strengthen its technological infrastructure to support the anticipated growth in its customer base and transaction volume. This strategic enhancement will likely enable SumUp to maintain its competitive edge and continue its growth trajectory in the fast-evolving global fintech landscape.


SumUp’s recent €1.5 billion funding round, led by Goldman Sachs and supported by a consortium of major financial players, signifies a strong vote of confidence in its business model and market strategy. This influx of capital is set to further propel SumUp’s growth, enabling it to refine its product offerings and expand its global footprint. As SumUp continues to innovate within the fintech space, it stands to significantly impact how small businesses engage with financial technology, making sophisticated payment solutions more accessible worldwide.

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