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Credit Cards Europe Financial Services FinTech Mobile Payments Point of Sale

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.

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Asia Banking Credit Cards E-Commerce Platforms Financial Services FinTech

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.

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