Payments technology fintech SumUp announced Wednesday it has raised $100 million from Victory Park Capital. 

SumUp provides businesses with point-of-sale payments equipment and inventory management software to manage their operations.

“This credit facility will solely be used to finance the merchant cash advance product,” Philipp Hahn, global head of lending at SumUp, told Bank Automation News. “Previously, SumUp had financed the merchant cash advance product with its own funds … the collaboration and capital provided by [Victory Park Capital] enables SumUp to scale the product in the U.K. and then launch it soon in other European markets.” 

The London-based company’s Cash Advance tool will offer merchants advances up to $25,400, based upon the merchants’ payments history, according to an Aug. 9 release. The advances will be repayable via payment acceptance using SumUp’s card readers in a “flexible and incremental manner.”  

Merchants will pay a transparent, fixed fee for access to cash advances and won’t have to deal with hidden fees or monthly interest, the release stated. 

The company uses “AI tools throughout many parts of the value chain” and is evaluating “additional areas for deployment” of the tech, Hahn said. 

Pockit raises $10M  

Digital account provider Pockit announced Aug. 3 that it has raised $10 million from Puma Private Equity. 

The London-based fintech has more than 800,000 customers in the U.K. and provides a prepaid account for low-income and underserved communities, per Pockit’s release. 

With the funds, the company plans to expand its services and reach underserved communities, according to a Puma Private Equity release.  

“In the current economic climate, it is more important than ever to support underserved communities and help low-income customers feel seen and supported,” Kelvin Reader, investment director at Puma Private Equity said in the release. “We believe Pockit’s services will become increasingly important in addressing financial exclusion across the UK and beyond.” 

Pockit has raised $49.6 million in funding since its inception in 2012, according to Crunchbase. 

The company aims to provide its services to customers that have been “left behind by traditional banks,” and help them in achieving financial stability and growth, per Pockit’s release. 

“As we look to build on our momentum and scale our customer base, it was pivotal that we found not just an investor but a partner,” Pockit Chief Executive Virraj Jatania said in the release. 

Bunq raises $111M to penetrate the U.S. 

Amsterdam-based neobank Bunq raised $111 million at the end of July and will use the funds to move into the U.S. market.  

The challenger bank has 9 million users across Europe and saw its user deposits double in the past four months, with deposits surpassing $4.9 billion from its users, according to a release from Bunq. Pollen Street Capital, a British venture capital firm, and Raymond Kasiman, a venture capitalist are major investors in the company, per Crunchbase.

“We’re rapidly expanding and have seen massive deposit growth,” Ali Niknam, chief executive at Bunq said in the release. “With more and more people entrusting their money to us, we’re convinced that we should double down on our momentum and cement the way forward for future growth.” 

Since being founded in 2012, Bunq has raised $309 million, and in 2022 acquired Tricount, an expense-sharing mobile app, for an undisclosed amount, according to Crunchbase.