Key Points:
- SumUp has secured €285 million in funding led by Sixth Street Growth, as it seeks to expand internationally and broaden its payment services for SMEs.
- Banco Santander has migrated its corporate and investment banking business, Santander CIB, to the Gravity platform on Google Cloud.
- Paymentology, a UK-based issuer-processor, has appointed Jeff Parker, former SVP and managing director at Marqeta, as its new CEO.
- After the acquisition of a controlling stake by private equity firm Motive Partners, white-label buy now, pay later (BNPL) solution provider Splitit voluntarily delisted from the Australian Stock Exchange (ASX).
- Investing and wealth management tools provider, Apex Fintech Solutions, filed a confidential draft registration statement for an initial public offering (IPO) in the US.
In fintech news this week, UK-based firm SumUp has raised an impressive €285 million (around $307 million) in fresh funding. The investment, led by Sixth Street Growth, will help SumUp to pursue international growth opportunities and expand its suite of payment services for SMEs. To date, SumUp has raised approximately €1.5 billion since its founding in 2012. The exact valuation after this recent funding round has not been disclosed.
Another significant development came from Banco Santander, which has migrated its corporate and investment banking business, Santander CIB, to its cloud-native core banking platform, Gravity. The transition to Google Cloud enables the banking unit to manage around one million accounting operations and half a million treasury operations per day. Banco Santander aims to complete the full migration by the end of next year.
Jeff Parker has assumed the CEO role at UK-based issuer-processor Paymentology. Parker, the former SVP and managing director at Marqeta, will focus on enhancing Paymentology’s global market position.
BNPL solution provider Splitit has delisted from the ASX following the acquisition of a controlling stake by Motive Partners. As a result of the deal, Motive Partners is set to invest $50 million in Splitit as part of a growth commitment. Alongside this, Splitit’s shareholders also approved the relocation of the company from Israel to the Cayman Islands, which is scheduled for Q1 2024.
Lastly, there has been an important move within the investing and wealth management sector. Apex Fintech Solutions has confidentially filed a draft registration statement for an IPO in the US. The proposed offering’s details are currently under review by the US Securities and Exchange Commission.
These developments highlight the dynamic nature of the fintech industry, with companies securing significant funding, making executive appointments, undertaking major migrations, and planning to go public.
