Global fintech SumUp has announced the expansion of its Cash Advance product that first launched in the UK in 2020. Cash Advance will now be available in several new European markets: Germany, France, Ireland and the Netherlands.
SumUp Cash Advance offers merchants a possible financial advance of up to £20,000 with minimal effort. The product is versatile, with a wide array of applications and potential use cases: it can be used to upgrade machinery and equipment, procure vital inventory in anticipation of busy periods, support transformative renovations to revamp facilities, or capitalise on strategic growth prospects.
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At a time when businesses are contending with a cost-of-living crisis, the cash advance can also be used to deal with emergencies, such as unforeseen equipment break-downs, helping to alleviate short-term pressures.
Interested SumUp merchants have access to financing that pays out within two working days, with no hidden costs or monthly interest rates
The advances are based on merchants’ payment history, and merchants pay it back through payment acceptance with SumUp card readers, in a flexible and incremental manner.
SumUp SVP Europe Alexander Riesenkampff, said: “With the SumUp Cash Advance product, we continue to pursue our goal of supporting small merchants in their daily business as well as in expanding their business. It expands our existing ecosystem and is a long-awaited product on the merchant side. In addition to payment terminals and other products to simplify bureaucratic everyday life, we now also offer a simple and effective financing option for merchants. Specifically, we enable small businesses to have the necessary financial leeway.”
YouLend CCO Jakob Pethick, added: “We are very pleased to partner with SumUp to help their small business users across Europe access financing. Supporting small business growth is a shared priority for both of us. With the SumUp Cash Advance, SMEs all over France and Germany now have the convenience and flexibility they need to invest in their future.”
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