SumUp raises $895M in debt to double down on its B2C payments business
– SumUp, a London-based startup that helps businesses power revenues through card payments, raised $895m in debt funding.
– The funding is coming from Goldman Sachs, Temasek, Bain Capital Credit, Crestline and funds managed by Oaktree Capital Management.
– The company is already active in 33 countries (most recently Chile, Colombia and Romania) and has some 3 million businesses as customers.
– The company got its start back in 2012 as one of a wave of so-called Square “clones” — companies being founded in, but mostly outside of, the U.S. and basing their service around small card payment dongles that attached to phones or tablets.
Payfazz invests $30M in Xfers as the two Southeast Asian fintechs form Fazz Financial Group
– Payfazz and Xfers, two startups that want to increase financial inclusion in Southeast Asia, announced today they have joined forces to create a new holding entity called Fazz Financial Group.
– As part of the deal, Payfazz, an agent-based financial services network in Indonesia, invested $30m into payments infrastructure provider Xfers.
– Xfers will serve as the B2B and Southeast Asia arm of Fazz Financial Group, while Payfazz, which already uses Xfers’ payments infrastructure, will continue expanding in Indonesia.
– Both Payfazz and Xfers are Y Combinator alums, and want to make financial services accessible to more Southeast Asians, even if they don’t have a bank account.
