SumUp Wins $100 M Credit Line To Launch Payday Advance Programme

Victory Park Capital has provided a $100 million credit facility to unicorn company SumUp, based in London, to support the launch of a cash advance product for UK and European merchants.

The credit facility will give SumUp the ability to immediately and soon deliver advance payments to merchants in the UK and other European markets.

Based on the payment history of the merchant, SumUp plans to give cash advances of up to £20,000 with a payback process that involves accepting payments via SumUp card readers. A set fee will be assessed to merchants in order to acquire cash advances.

Marc-Alexander Christ, co-founder at SumUp, says,

“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.”