SumUp says it now offers a cash advance product for several European markets, including Germany, France, Ireland, and the Netherlands. The product was first introduced in the UK in 2020.
The service allows merchants to tap into funding of up to £20,000. Typically, the funds are available in just two days.
SumUp has partnered with YouLend to provide the credit.in Germany and France. In the UK, the company received funding from Victory Park Capital which is also available for Europe.
SumUp is a business-focused Fintech that provides services like business accounts and cards, invoicing, and more. The company reports that over 4 million merchants in 36 markets use its platform.
SumUp says it is now processing 1 billion transactions annually and that 1 million merchants are using its Business Account.
The cash advance product incorporates a “one-time fee” with the credit paid back in a defined time period. You must have an account to view the fee and term of the credit.