A six-year-old London based electronic payments startup, SumUp Inc. secured a 330 million-euro ($371 million) loan backed by Goldman Sachs Private Capital, Bain Capital Credit, and others to meet its expansion goals.
“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,” stated Marc-Alexander Christ, co-founder of SumUp.
The start-up plans to boost its customer base and help businesses of different sizes to receive payments faster, both in-store and online. Currently, SumUp has more than 1.5 million active users including DHL Worldwide Express and the U.K.’s black-cab drivers. The company expects to maintain its 120% year-on-year growth target in 2019 with raising more than 200 million euros in revenue this year.
Goldman Sachs International represented as the lead structuring agent with Barclays Bank PLC as structuring agent and Weil, Gotshal & Manges represented SumUp as its legal adviser.
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