UK-based mobile point-of-sale (mPOS) company SumUp has raised $371m loan from investors to support expansion.

The company received the backing from Bain Capital Credit, Goldman Sachs Private Capital, HPS Investment Partners and TPG Sixth Street Partners.

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Established in 2012, SumUp delivers credit-card readers to enable businesses and merchants accept card payments.

Till now, the company has expanded to 31 countries including the US, Germany and Brazil.

SumUp will utilise the funding to bolster its merchant base across all markets its serves, reported Bloomberg.

Additionally, it intends to expand its product portfolio through development and acquisitions.

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SumUp co-founder Marc-Alexander Christ was quoted by the publication as saying: “This cash injection will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services.”

Goldman Sachs International acted as lead structuring agent, while Barclays was involved as a structuring agent. Weil, Gotshal & Manges was SumUp’s legal adviser.

Currently, the company has more than 1.5 million active users. It aims to generate €200m in revenue this year and maintain 120% year-on-year growth in 2019.

According to the company website, its end-to-end payments platform is a fully-certified EMV mPOS system. It covers entire payment ecosystem including card terminals, Android and iOS mobile apps, a payment processing platform and anti-fraud solutions.

The company also develops own EMV card terminals.