Fintech Startup SumUp Secures $371 Million Loan

London-based fintech company SumUp Inc. has secured a $371 million loan backed by Bain Capital Credit, Goldman Sachs Private Capital, HPS Investment Partners, and TPG Sixth Street Partners.

According to a report from Bloomberg, the six-year-old mobile payment startup company plans to use this capital to expand its customer base across 31 markets and develop or acquire a new set of products. Moreover, it is also planning to increase its 1500+ strong team across its 15 offices around the world.

“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.

Earlier this year, SumUp has managed to expand its product portfolio through the acquisition of multi-channel e-commerce platform Shoplo, along with invoicing software platform Debitoor.

The company now operates with more than 1.5 million active users. This includes DHL Worldwide Express, U.K.’s black-cab drivers, and an estimate of more than 4, 000 new clients daily. The London-based fintech startup company is eyeing to collect more than 200 million euros in revenue this year while maintaining its 120% year-on-year growth.

According to Bloomberg, under the said loan, Goldman Sachs International served as lead structuring agent, Barclays Bank PLC as structuring agent, while Weil, Gotshal & Manges acted as a legal financial adviser.

Founded in 2011 and has been operating in the German market since 2012, the London-based payment service provider Sumup offers a broad range of financial services products. This includes original hardware, mobile and web apps, APIs, and SDKs. It produces credit-card readers that are specially designed to help businesses receive payments faster – whether online or offline. It now operates in 31 countries across the globe, including Germany, the United States, and Brazil.