SumUp

Last updated

SumUp Payments Limited
TypePrivate
IndustryTechnology
Founded2012;11 years ago (2012) in London, United Kingdom [1]
Headquarters
London
,
United Kingdom
Website sumup.co.uk

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 a product suite of tailor-made business tools created specifically for the micro and nano segment. [2]

Contents

SumUp’s primary product offering is an EMV card reader, which can read magnetic strip, chip ("Chip and Pin"), and RFID/NFC.

History

SumUp at Caffe Culture 2022 SumUp at Caffe Culture 2022 - 07.jpg
SumUp at Caffè Culture 2022

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]

Recent History

In March 2021, SumUp raised $895M in debt to double down on its B2C payments business. [14]

In April 2021, The Zoological Society of London (the international conservation charity behind London and Whipsnade Zoos) Partnered With SumUp to enable contactless fundraising at their sites. [15]

In November 2021, SumUp announced it would be joining the 1% for the Planet coalition, [16] and pledged to donate 1% of the annual Net Payment Revenue generated by SumUp Solo devices towards non-profits and businesses that offer impactful, long-term solutions to the ongoing environmental crisis. [17]

Following acquisitions and global expansion, SumUp now has almost 3,000 staff, spread across 23 locations, as of January 2022. [18] 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. [19]

Products and services

Global reach

SumUp is active in 34 countries and serves more than three million merchants. [28] 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. [29] In November 2013, SumUp launched service in Brazil. [30] Since May 2014, SumUp also operates in Poland and Switzerland. [31] Sweden was launched in September 2015. [32] Since October 2016, SumUp has been operating in the United States. [33] [34] 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. [35] The combined business operates under the brand "Compraqui" and is headquartered in Santiago de Chile. [36] As of September 2020, Compraqui is operated 100% by Banco Estado and SumUp's operations in Chile are independent of the public owned bank. [37]

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References

  1. ↑ "SumUp Payments Limited: Private Company Information". Bloomberg . Retrieved 23 January 2017.
  2. ↑ "Business made simple". www.sumup.com. Retrieved 29 March 2022.
  3. ↑ Trajkovska, Bojana. "Assemble a team of visionaries: Interview with fintech unicorn SumUp co-founder Marc-Alexander Christ | EU-Startups" . Retrieved 21 July 2019.
  4. ↑ Lunden, Ingrid. "SumUp raises $895M in debt to double down on its B2C payments business". techcrunch.com. TechCrunch. Retrieved 29 March 2022.
  5. 1 2 Lunden, Ingrid. "SumUp, Another European Square, Expands To Italy, Spain And Holland, Now Covering 7 Countries 12 Weeks Into Launch". TechCrunch. Retrieved 4 January 2018.
  6. ↑ Ingrid Lunden (27 April 2016). "SumUp and Payleven merge as European 'Square clones' consolidate". TechCrunch .
  7. ↑ Robin Wauters (27 April 2016). "Fintech Fusion: European mobile payment startups SumUp and Payleven confirm merger". tech.eu.
  8. 1 2 "SumUp Expands its Product Suite with Acquisition of eCommerce Company Shoplo". SumUp - a better way to get paid. Retrieved 29 May 2020.
  9. ↑ "Invoicing software built to help small business thrive". debitoor.com. Retrieved 29 May 2020.
  10. ↑ "SumUp acquires London-based Goodtill to expand services to restaurant and hospitality sectors". goodtill . 19 November 2020.
  11. ↑ Taffin, Anne. "SumUp acquiert Tiller pour être prête à la réouverture des restaurants". Maddyness (in French). Retrieved 3 February 2021.
  12. ↑ "SumUp acquires Lithuanian fintech Paysolut". Finextra . 2 February 2021.
  13. ↑ Lunden, Ingrid. "European point of sale provider SumUp acquires customer loyalty startup Fivestars for $317M". tech crunch.com. TechCrunch. Retrieved 29 March 2022.
  14. ↑ "SumUp raises $895M in debt to double down on its B2C payments business".
  15. ↑ "ZSL Partners with SumUp for Digital Contactless Fundraising at Zoos". 16 April 2021.
  16. ↑ "Business members". 1% For The Planet. Retrieved 31 March 2022.
  17. ↑ "SumUp to commit one percent of future revenues to environmental causes". finextra.com. Finextra. Retrieved 29 March 2022.
  18. ↑ Finn, Aisling. "SumUp has paid $317m, in a mix of cash and stock, for US payments network Fivestars". altfi.com. Altfi. Retrieved 29 March 2022.
  19. ↑ Klotz, Nina Anika (23 June 2022). "Payment-Startup Sumup schraubt Bewertung auf acht Milliarden Euro hoch". Business Insider (in German). Retrieved 17 January 2023.
  20. ↑ "Contactless Card Reader NFC". SumUp. Retrieved 23 January 2017.
  21. ↑ "SumUp - a better way to get paid". SumUp - a better way to get paid. Retrieved 5 April 2019.
  22. ↑ "iPad POS system - Point of Sale | SumUp". sumup.co.uk. Retrieved 4 January 2018.
  23. ↑ "SumUp to offer free mobile payments to EU merchants". finextra.com. Finextra. Retrieved 29 March 2022.
  24. ↑ Rusman, Evie. "SumUp teams with Google to allow businesses to add gift cards to profile". cardsinternational.com. Cards International. Retrieved 29 March 2022.
  25. ↑ "SumUp revamps online store". finextra.com. Finextra. Retrieved 29 March 2022.
  26. ↑ "SumUp opens business accounts for fast-growing merchants". finextra.com. Finextra. Retrieved 29 March 2022.
  27. ↑ "SumUp releases new SDK and API for iOS and Android developers » PaymentEye". www.paymenteye.com. Retrieved 4 January 2018.
  28. ↑ Al Ali, Nour. "SumUp Buys Fivestars for $317 Million to Target U.S. Merchants". Bloomberg.com. Bloomberg. Retrieved 29 March 2022.
  29. ↑ Lomas, Natasha. "SumUp, Another European Square, Expands To 3 More Markets: France, Belgium, Portugal — Now Taking Payments In 10 Markets". TechCrunch. Retrieved 4 January 2018.
  30. ↑ Finextra (13 November 2013). "SumUp opens Sao Paulo office for Brazil launch". Finextra Research. Retrieved 4 January 2018.
  31. ↑ "Mobil-Bezahldienst SumUp expandiert mit neuem Lesegerät". FOCUS Online (in German). Retrieved 4 January 2018.
  32. ↑ "SumUp takes on iZettle on its home turf, Sweden". Tech.eu. Retrieved 4 January 2018.
  33. ↑ "SumUp Launches US Expansion With EMV Terminal | PYMNTS.com". www.pymnts.com. 22 October 2015. Retrieved 4 January 2018.
  34. ↑ "SumUp expands to the US market » PaymentEye". www.paymenteye.com. Retrieved 4 January 2018.
  35. ↑ Finextra (21 November 2017). "BancoEstado and SumUp to launch mobile card acceptance in Chile". Finextra Research. Retrieved 4 January 2018.
  36. ↑ "SumUp teams with BancoEstado for cool mobile card deal in Chile | Banking Technology". www.bankingtech.com. 22 November 2017. Retrieved 4 January 2018.
  37. ↑ Vazquez, Dayana (3 September 2020). "BancoEstado finaliza alianza con SumUp y se queda con la propiedad y marca Compraquí". América Retail.
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