Mishcon de Reya engaged with global alternative investment firm Victory Park Capital on its entry into a bespoke $100 million credit facility with global fintech SumUp. This receivables finance facility was structured using a European Long-Term Investment Fund, a Luxembourg based securitization SPV.
The new credit facility will enable SumUp to drive expansion of its merchant cash advance product, which will provide advance payments to merchants based in the UK in the immediate term, with the intent to provide advance payments to merchants based in other European markets in the future.
U.S.-headquartered Victory Park Capital has extensive experience lending across the credit spectrum, focusing on established and emerging companies with significant corporate governance and a compelling growth trajectory.
The Mishcon de Reya team was led by Steven Geerlings (Partner, Finance) with assistance from Saul Sender (Partner, Corporate), Sarah Spurling (Partner, Finance), Paul McLoughlin (Partner, Restructuring), Guy Wilkes (Partner, Regulatory), and Harriet Gorter (Associate, Finance) and Counsel in Ireland and in Luxembourg.
Steven Geerlings said: "We are delighted to have worked with the team at Victory Park Capital on this bespoke and important finance facility, which will enable SumUp, a global fintech leader to significantly expand its offering. This arrangement underlines Mishcon de Reya's ability to facilitate high value, cross-border transactions between true industry leaders."
Jason Brown, Partner at Victory Park Capital, said: “The Mishcon de Reya team’s counsel was crucial to the structuring of Victory Park Capital’s recently announced credit facility with SumUp. We are excited to support SumUp’s mission of enabling wider access to financing solutions for small businesses.”