SumUp

From Wikipedia, the free encyclopedia

SumUp Payments Limited
Company typePrivate
IndustryTechnology
Founded2012; 12 years ago (2012) in London, United Kingdom[1]
Headquarters
London
,
United Kingdom
Websitesumup.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 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.

History[edit]

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[edit]

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]

Products and services[edit]

  • Chip & PIN and NFC card terminal: SumUp's main product is an EMV card reader which can read magnetic strip, chip ("Chip and Pin"), and RFID/NFC ("contactless") payment cards.[17] The card reader pairs with an Android or iOS-based smartphone or tablet via Bluetooth, to verify payments through the Internet.
  • 3G Chip & Pin and NFC card terminal: SumUp's 3G card reader[18] that works without an app. It has a built-in SIM card with data to enable payment processing over a local network connection.
  • Point of sale system: As an all-in-one register, the SumUp Point of Sale system "POS register" consists of a SumUp card terminal, a pre-configured iPad, an iPad stand, a receipt printer, a cash drawer and a Wifi router.[19] Only available in Germany and select other countries.Other POS solutions are available via Tiller and Goodtill technologies.
  • Payment Links: launched in 2020 to allow small business to get paid safely and remotely via payment links sent via smartphone.[20]
  • Gift Cards: launched in 2020 via a partnership with Google, small businesses can use Google My Business to add gift cards directly to their profile.[21]
  • Online Store: In 2021 SumUp announced the relaunch of the SumUp Online Store, an e-commerce platform that enables anyone to create an online business for free.[22]
  • Business Account: Launched in 2021, this tool is a way for merchants to keep business and personal money completely separate. Merchants can use it to make transfers and receive next-day payout.[23]
  • SDKs & APIs: SumUp allows third parties to integrate the end-to-end payment infrastructure as well as card terminals via the SumUp Terminal Payment SDK for iOS and Android as well as several other APIs for developers. Through the integration with the open SumUp platform, third parties can offer card acceptance via their native or browser-based applications. SumUp's SDKs and APIs support acceptance of Visa, VPay, Mastercard, Maestro, American Express, Apple Pay, Android Pay as well as local debit card schemes.[24]

Global reach[edit]

SumUp is active in 34 countries and serves more than three million merchants.[25] 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.[26] In November 2013, SumUp launched service in Brazil.[27] Since May 2014, SumUp also operates in Poland and Switzerland.[28] Sweden was launched in September 2015.[29] Since October 2016, SumUp has been operating in the United States.[30][31] 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.[32] The combined business operates under the brand "Compraqui" and is headquartered in Santiago de Chile.[33] As of September 2020, Compraqui is operated 100% by Banco Estado and SumUp's operations in Chile are independent of the public owned bank.[34]

References[edit]

  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. ^ a b 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. ^ a b "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. ^ 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.
  16. ^ Klotz, Nina Anika (23 June 2022). "Payment-Startup Sumup schraubt Bewertung auf acht Milliarden Euro hoch". Business Insider (in German). Retrieved 17 January 2023.
  17. ^ "Contactless Card Reader NFC". SumUp. Retrieved 23 January 2017.
  18. ^ "SumUp - a better way to get paid". SumUp - a better way to get paid. Retrieved 5 April 2019.
  19. ^ "iPad POS system - Point of Sale | SumUp". sumup.co.uk. Retrieved 4 January 2018.
  20. ^ "SumUp to offer free mobile payments to EU merchants". finextra.com. Finextra. Retrieved 29 March 2022.
  21. ^ Rusman, Evie. "SumUp teams with Google to allow businesses to add gift cards to profile". cardsinternational.com. Cards International. Retrieved 29 March 2022.
  22. ^ "SumUp revamps online store". finextra.com. Finextra. Retrieved 29 March 2022.
  23. ^ "SumUp opens business accounts for fast-growing merchants". finextra.com. Finextra. Retrieved 29 March 2022.
  24. ^ "SumUp releases new SDK and API for iOS and Android developers » PaymentEye". www.paymenteye.com. Retrieved 4 January 2018.
  25. ^ Al Ali, Nour. "SumUp Buys Fivestars for $317 Million to Target U.S. Merchants". Bloomberg.com. Bloomberg. Retrieved 29 March 2022.
  26. ^ 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.
  27. ^ Finextra (13 November 2013). "SumUp opens Sao Paulo office for Brazil launch". Finextra Research. Retrieved 4 January 2018.
  28. ^ "Mobil-Bezahldienst SumUp expandiert mit neuem Lesegerät". FOCUS Online (in German). Retrieved 4 January 2018.
  29. ^ "SumUp takes on iZettle on its home turf, Sweden". Tech.eu. Retrieved 4 January 2018.
  30. ^ "SumUp Launches US Expansion With EMV Terminal | PYMNTS.com". www.pymnts.com. 22 October 2015. Retrieved 4 January 2018.
  31. ^ "SumUp expands to the US market » PaymentEye". www.paymenteye.com. Retrieved 4 January 2018.
  32. ^ Finextra (21 November 2017). "BancoEstado and SumUp to launch mobile card acceptance in Chile". Finextra Research. Retrieved 4 January 2018.
  33. ^ "SumUp teams with BancoEstado for cool mobile card deal in Chile | Banking Technology". www.bankingtech.com. 22 November 2017. Retrieved 4 January 2018.
  34. ^ Vazquez, Dayana (3 September 2020). "BancoEstado finaliza alianza con SumUp y se queda con la propiedad y marca Compraquí". América Retail.
Retrieved from "https://en.wikipedia.org/w/index.php?title=SumUp&oldid=1220739469"