SumUp secures $100m credit facility for merchant cash advances
London, UK-based fintech company SumUp has recently entered into a US$100 million credit facility agreement with Victory Park Capital. This new credit facility will play a crucial role in supporting the expansion of SumUp's merchant cash advance product and providing assistance to UK-based merchants. SumUp Cash Advance is a service that helps merchants finance their operations and seize growth opportunities for their businesses. With advances of up to £20,000, the amount provided is based on the payment history of the merchants. The repayment is done through payment acceptance with SumUp card readers, providing flexibility and incremental repayments. One of the main advantages of this service is that merchants are only charged a fixed fee for access to the cash advance, which eliminates hidden fees and monthly interest charges.
SumUp, led by Marc-Alexander Christ, is a global financial technology company that aims to empower small merchants in over 35 markets around the world.
With a customer base of more than 4 million small businesses, SumUp provides various solutions to help them start, run, and grow their businesses. Through its app, SumUp offers merchants a free business account and card, an online store, and an invoicing solution. In addition to these features, SumUp provides both in-person and remote payment options, which are seamlessly integrated with their card terminals and point-of-sale registers.
The partnership with Victory Park Capital not only highlights SumUp's commitment to supporting small businesses, but also demonstrates their ambition to continuously enhance their financial services offering. With the new credit facility, SumUp can further strengthen its position as a key player in the fintech industry, while effectively meeting the financial needs of merchants and supporting their growth and success.
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