SumUp scoops $100m credit facility from Victory Park Capital

By Gloria Methri

London-based FinTech SumUp has secured a $100 million credit facility with Victory Park Capital (VPC). The company will enable SumUp to drive the expansion of its merchant cash advance product and support merchants in the UK.

SumUp Cash Advance helps merchants finance their operations and seize growth opportunities for their businesses. The advances (of up to £20,000) are based on merchants’ payment history, and merchants pay back advances through payment acceptance with SumUp card readers, in a flexible and incremental manner.

Furthermore, merchants pay a transparent, fixed fee for access to cash advances, and do not have to worry about encountering any hidden fees or monthly interest.

Marc-Alexander Christ, Co-Founder at SumUp, said, “We are thrilled to partner with Victory Park Capital, further enabling our mission of simplifying business operations for our merchants. Our cash advance product can support business growth in a transparent and fair manner, enabling merchants to continue doing what they do best, without having to worry about accessing funds. Feedback has been positive to date; merchants appreciate the simplicity of the product, the speed of payout, and its convenient way of paying back the cash advance via card reader sales.”

Jason Brown, Partner at VPC, said, “SumUp is a global FinTech leader with a data-driven approach and product suite that matches the needs of modern businesses. We are delighted to partner with the company as it expands its offering and provides merchants with fair and clear, short-term financing amidst a challenging market climate.”

SumUp’s cash advance product offers a wide array of applications and potential use cases: it can be used to upgrade machinery and equipment, procure vital inventory in anticipation of busy periods, support transformative renovations to revamp facilities, or capitalise on strategic growth prospects.