This will drive the launch of a cash advance product for UK and European merchants
IN BRIEF:
Raised from Victory Park Capital
SumUp intends to offer cash advances of up to £20,000, based on merchants’ payment history, with payback taken incrementally
Merchants will be charged a fixed fee for access to cash advances
What does this mean?
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.
