SumUp Layoffs
May 2021
SumUp announced a layoff affecting 0 employees in May 2021. The company operates in the Finance sector.
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May 5, 2021
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In May 2021, German-British fintech SumUp laid off a three-digit number of employees as part of a restructuring effort, despite having recently secured a €750 million credit line from investors like Goldman Sachs. The company, which provides card terminals to small businesses and employed around 2,600 people across 15 locations, cited the need to build a resilient company during challenging times, particularly as the COVID-19 pandemic severely impacted its merchant clients. This move came as a surprise following earlier expansion announcements and ongoing hiring, with about 90 positions still advertised at the time. The layoffs, confirmed by co-founder Marc-Alexander Christ, affected staff in various global offices and were aligned with strategic goals to streamline operations while continuing product and market expansion.
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