SumUp

London, England
sumup.com
Finance,Tech

Layoff Date:

May 5, 2021

Laid Off Employees:

Laid Off Percent:

Source: Finance FWD
Exclusive: The celebrated fintech Sumup is separating from parts of its workforce, according to Finance Forward. The German-British startup had around 2,600 employees to date. The step comes as a surprise: only recently, the payment company received a loan of 750 million euros. The last report of success is just one and a half months old: In mid-March, the German-British payment company Sumup announced a loan of 750 million euros , one of the largest European fintech financings ever. Well-known donors such as Goldman Sachs, Bain Capital and the Singapore state fund Temasek provided the money. Co-founder Marc-Alexander Christ announced a massive expansion. Almost 90 positions are still advertised. The new news is all the more surprising: According to information from Finance Forward, Sumup is laying off part of its workforce. The fintech confirms the message that "some employees in different branches worldwide" are affected, Christ announced. The company does not speak about the extent of the restructuring; according to Finance Forward information, there are likely to be a three-digit number of employees. Sumup, which sells small card terminals to cafes and small shops, employs around 2,600 people at 15 locations - and is one of the largest German fintechs. The company says: "The downsizing is a strategic decision to ensure a healthy and resilient company in these difficult times," writes co-founder Christ. The corona crisis in particular hit Sumup's customers hard, the company only earns money when payments are made through the card terminals. The company goes on to say, "We are confident that we are now even better positioned to further expand our business and steadily expand our products and services - not least with the help of the recently announced financing round." With the funding announcement, Sumup had announced that it would expand into some new markets and expand the product. "Our goal is to become the operating system for our customers and to take over all services from payment to the launch of an online shop to tax returns," said Christ recently in an interview. For this, the company has already taken over several European providers in the past few months.
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