SME-focused fintech SumUp obtains a $100 million credit facility from Victory Park Capital to expand its merchant cash advance product, SumUp Cash Advance, enabling UK merchants to receive advances and repay through card reader sales.
Facts
- SumUp secures a $100 million credit facility from Victory Park Capital to expand its merchant cash advance product.
- The newly launched SumUp Cash Advance offers advances of up to £20,000 to UK merchants based on their payment history.
- Merchants can repay the advances flexibly and incrementally through payment acceptance using SumUp card readers.
- SumUp charges a fixed fee for cash advance access, avoiding hidden costs or monthly interest.
- The transparent and fair cash advance product supports business growth, as stated by Marc-Alexander Christ, SumUp’s co-founder.
- Merchants appreciate the product’s simplicity, speedy payout, and convenient repayment method via card reader sales.
- Founded in 2012 and headquartered in London, SumUp offers various services like business accounts, card services, online stores, invoicing solutions, and remote payments.
- SumUp claims to serve over four million small businesses across 35 global markets.
- SumUp recently partnered with Form3 to access UK Faster Payments and appointed a new chief product officer.
