SumUp raises $895m in debt to double down on its B2C payments business

SumUp, a London-based startup that helps businesses power revenues through card payments — by way of physical readers, online payments, invoices and other services — is itself powering up in a big way.

Today it announced financing totalling €750 million (around $895 million at today’s rates), money that it will be using to continue expanding its business — specifically, for acquisitions; to launch in new markets in Europe, Latin America and Asia; and to build out the suite of services that it provides to businesses. The company is already active in 33 countries (most recently Chile, Colombia and Romania) and has some 3 million businesses as customers.

The funding is coming from Goldman Sachs, Temasek, Bain Capital Credit, Crestline and funds managed by Oaktree Capital Management. SumUp confirmed that the financing is coming in the form of debt, not equity, so there is no formal valuation of the company to disclose. To date, it’s one of the biggest financings, debt or otherwise, for any startup (that is, any privately-backed tech company) in the region.

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