The Weekly Wrap: all you need to know by Friday COB | May 3rd

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

Global FinTech company SumUp has raised €1.5 billion from private credit lenders in a round led by Goldman Sachs. The funding will be used to refinance existing debt and seize global growth opportunities.

The new SumUp investors include AllianceBernstein, Apollo Global Management, Arini, Deutsche Bank AG, Fortress Investment Group, SilverRock Financial Services, and Vista Credit Partners. They join the existing list of investors BlackRock, Crestline Investors, Liquidity Capital, Oaktree Capital Management, Sentinel Dome, and Temasek, with Goldman Sachs leading the private credit debt deal.

SumUp CFO Hermione McKee said, “SumUp has always enjoyed solid and steady support from the investor community, and it’s this continued backing that has enabled us to grow sustainably over the past 10+ years, serving millions of merchants of all sizes globally. As the company scales further and our services and products continue to expand, our requirements from capital markets have evolved.”

He added, “Lenders understand and support our mission to create a world where everyone can build a thriving business and recognise our successful methods of achieving, sustaining, and balancing profitability and growth. This new financing will support us as we focus on providing best-in-class support experiences for our merchants and giving them the products and tools they need to succeed.”

Deals of the week

• Capify secures $194m credit facility from Pollen Street Capital
• BRISKPE raises $5m in seed funding from FinTech giant PayU
• Ansa raises $14m Series A funding to enhance merchant transaction solutions
• U GRO Capital raises $159m from existing, new institutional investors & family offices
• SBI taps HCLSoftware to transform its customer engagement
• Network International rolls out Mastercard Installments across the UAE
• Finastra launches Next Gen Mobile Banking software
• Visa Installment Solution now live for ADIB cardholders

Be on the lookout for

The Future of FinTech conference will return at the London Hilton Tower Bridge on 13 June 2024 for its fifth annual event to discuss the latest disruptions and technology developments in the financial sector.

Existing and emerging challenges for the sector along with the technological innovations providing opportunities for growth and long-term sustainability will be discussed. Attendees will come away from The Future of FinTech with a greater view of the disruptive technologies and solutions that are shaping the industry and have engaged in enlightening discussions with their peers on the latest developments in finance and its intersection with technology.