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Company type | Private |
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Industry | Technology |
Founded | 2012London, United Kingdom [1] | in
Headquarters | London , United Kingdom |
Website | sumup |
SumUp is a global financial technology company headquartered in London, United Kingdom. SumUp supports more than 3.5 million merchants in over 30 markets worldwide, and operates business tools created specifically for the micro and nano segment. [2]
SumUp’s primary product offering is an EMV card reader, which can read magnetic strip, chip ("Chip and Pin"), and RFID/NFC.
The idea of SumUp was conceived in 2011, and the company was founded in 2012. [3] Investors include Goldman Sachs, Temasek, Bain Capital Credit, Crestline, Oaktree Capital Management, American Express, BBVA Ventures and Groupon. [4]
SumUp's first product was officially launched in August 2012. [5] Currently, it has offices in:
In April 2016, SumUp announced it would merge with competitor Payleven, [6] a Berlin-based mobile payments provider by Rocket Internet. [7]
In February 2019, SumUp announced its acquisition of the eCommerce platform, Shoplo. [8]
SumUp also acquired Debitoor, a Danish company. [8] Debitoor is an invoicing software for freelancers and SMEs. [9]
In November 2020, SumUp acquired the London-based POS software provider Goodtill, followed by Paris-based Tiller in February 2021, to strengthen its position in the restaurant and hospitality sector. [10] [11]
In February 2021, SumUp further acquired the Lithuanian core banking system provider Paysolut, after a two-years long business partnership between the two companies. [12]
In October 2021, SumUp acquired the California-based customer loyalty startup Fivestars for $317MM. The acquisition allowed SumUp to expand its services to over 70 million consumers and 12,000 businesses in the US and expand its product offering for the end consumer. [13]
In March 2021, SumUp raised $895M in debt to double down on its B2C payments business. [14]
Following acquisitions and global expansion, SumUp now has almost 3,000 staff, spread across 23 locations, as of January 2022. [15] In June 2022, the company was valued at around €8 billion in a €590 million funding round and has since become one of Europe's most valuable fintechs. [16]
In May 2024, SumUp secured €1.5 Billion in funding led by Goldman Sachs to expand its global operations. [17]
SumUp is active in 34 countries and serves more than three million merchants. [26] In August 2012 the company launched its services in Germany, Austria, United Kingdom and Ireland. In November 2012, Italy, Spain and the Netherlands opened up as new markets. [5] One month later, in December 2012, SumUp expanded to France, Belgium and Portugal. [27] In November 2013, SumUp launched service in Brazil. [28] Since May 2014, SumUp also operates in Poland and Switzerland. [29] Sweden was launched in September 2015. [30] Since October 2016, SumUp has been operating in the United States. [31] [32] In September 2017, SumUp launched its service in 15 European countries - Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Slovakia and Slovenia. In November 2017, SumUp announced a joint venture with Banco del Estado de Chile. [33] The combined business operates under the brand "Compraqui" and is headquartered in Santiago de Chile. [34] As of September 2020, Compraqui is operated 100% by Banco Estado and SumUp's operations in Chile are independent of the public owned bank. [35]
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