In a challenging funding landscape for European fintech startups, where capital raised witnessed a substantial 70% drop in the first half of 2023 compared to the same period in 2022, SumUp, a British payment startup, has managed to secure an impressive €285 million. This remarkable feat comes as a testament to SumUp’s resilience and strategic vision, positioning it for further expansion on the global stage.
Founded in the UK in 2012, SumUp embarked on a mission to level the playing field for small businesses. The fintech startup achieves this through its SuperApp, offering merchants an integrated suite of services. These include an online store, a free business account, an invoicing solution, and seamless remote and in-person payment options integrated with SumUp’s card terminal and point-of-sale registers.
Recent Service Offerings
In addition to its existing offerings, SumUp has introduced three new services, showcasing its commitment to innovation:
Cash Advance Partnership: SumUp has entered into a cash advance partnership with VPC in the UK, providing additional financial solutions for small businesses.
Tap to Pay on iPhone: This feature has been rolled out in France, the Netherlands, and the UK, enhancing SumUp’s capabilities for swift and convenient payments.
SumUp One Membership Plan: A comprehensive membership plan that bundles SumUp’s most popular features at a discounted price, offering small businesses greater value.
Global Impact and Growth
Despite the challenging funding environment, SumUp’s commitment to empowering small businesses has resonated globally. The fintech startup now collaborates with over four million small businesses across 36 markets worldwide. The recent injection of €285 million follows a commendable 30% year-over-year growth, underlining SumUp’s strategic positioning and ability to navigate turbulent market conditions.
SumUp’s ability to secure substantial funding in a year marked by funding constraints for European fintech startups highlights its resilience and continued success. By providing essential financial services and innovative solutions tailored to small businesses, SumUp remains a driving force in the fintech industry. As the company expands its global footprint, the recent capital injection positions SumUp for sustained growth and further contributions to empowering small businesses on a global scale.