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SumUp

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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 mobile payments company headquartered in London, United Kingdom.[2]

History

The idea of SumUp was conceived in 2011, and the company was founded in 2012.[3] Investors include American Express, BBVA Ventures and Groupon.[2]

The first product was officially launched in August 2012.[4] Initially, the main office was in Berlin, Germany, but the headquarters are now in London, United Kingdom. Currently, it has offices in:

Payleven acquisition

In April 2016, SumUp announced it would merge with competitor Payleven,[5] a Berlin-based mobile payments provider by Rocket Internet.[6]

Shoplo and Debitoor acquisition

In February 2019, SumUp announced its acquisition of the eCommerce platform, Shoplo.[7]

SumUp also acquired Debitoor, a Danish company.[7] Debitoor is an invoicing software for freelancers and SMEs.[8]

Goodtill, Tiller and Paysolut acquisition

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.[9][10] In February 2021, SumUp further acquired the Lithuanian core banking system provider Paysolut, after a two-years long business partnership between the two companies.[11]

Recent History

In March 2021, SumUp raises $895M in debt to double down on its B2C payments business. [12]

In April 2021, The Zoological Society of London (the international conservation charity behind London and Whipsnade Zoos) Partners With SumUp for Digital Contactless Fundraising at Zoos. [13]

Products

  • 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.[14] 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[15] that works without an app. It has an inbuilt 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.[16] Only available in Germany and a few other countries.
  • 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.[17]

Global reach

SumUp is active in 31 countries. In August 2012 the company launched service in Germany, Austria, United Kingdom and Ireland. In November 2012, Italy, Spain and the Netherlands followed as new markets.[4] One month later, in December 2012, SumUp expanded to France, Belgium and Portugal.[18] In November 2013, SumUp launched service in Brazil.[19] Since May 2014, SumUp also operates in Poland and Switzerland.[20] Sweden was launched in September 2015.[21] Since October 2016, SumUp is also operating in the United States.[22][23] 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.[24] The combined business operates under the brand “Compraqui” and is headquartered in Santiago de Chile.[25] As of September 2020, Compraqui is operated 100% by Banco Estado and SumUp's operations in Chile are independent of the public owned bank.

References

  1. ^ "SumUp Payments Limited: Private Company Information". Bloomberg. Retrieved 23 January 2017.
  2. ^ a b "About SumUp". SumUp. Retrieved 23 January 2017.
  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. ^ 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.
  5. ^ Ingrid Lunden (27 April 2016). "SumUp and Payleven merge as European 'Square clones' consolidate". TechCrunch.
  6. ^ Robin Wauters (27 April 2016). "Fintech Fusion: European mobile payment startups SumUp and Payleven confirm merger". tech.eu.
  7. ^ a b "SumUp Expands its Product Suite with Acquisition of eCommerce Company Shoplo". SumUp - a better way to get paid. Retrieved 29 May 2020.
  8. ^ "Invoicing software built to help small business thrive". debitoor.com. Retrieved 29 May 2020.
  9. ^ "SumUp acquires London-based Goodtill to expand services to restaurant and hospitality sectors". goodtill. 19 November 2020.
  10. ^ Taffin, Anne. "SumUp acquiert Tiller pour être prête à la réouverture des restaurants". Maddyness (in French). Retrieved 3 February 2021.
  11. ^ "SumUp acquires Lithuanian fintech Paysolut". Finextra. 2 February 2021.
  12. ^ "SumUp raises $895M in debt to double down on its B2C payments business".
  13. ^ "ZSL Partners with SumUp for Digital Contactless Fundraising at Zoos". 16 April 2021.
  14. ^ "Contactless Card Reader NFC". SumUp. Retrieved 23 January 2017.
  15. ^ "SumUp - a better way to get paid". SumUp - a better way to get paid. Retrieved 5 April 2019.
  16. ^ "iPad POS system - Point of Sale | SumUp". sumup.co.uk. Retrieved 4 January 2018.
  17. ^ "SumUp releases new SDK and API for iOS and Android developers » PaymentEye". www.paymenteye.com. Retrieved 4 January 2018.
  18. ^ 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.
  19. ^ Finextra (13 November 2013). "SumUp opens Sao Paulo office for Brazil launch". Finextra Research. Retrieved 4 January 2018.
  20. ^ Online, FOCUS. "Mobil-Bezahldienst SumUp expandiert mit neuem Lesegerät". FOCUS Online (in German). Retrieved 4 January 2018.
  21. ^ "SumUp takes on iZettle on its home turf, Sweden". Tech.eu. Retrieved 4 January 2018.
  22. ^ "SumUp Launches US Expansion With EMV Terminal | PYMNTS.com". www.pymnts.com. 22 October 2015. Retrieved 4 January 2018.
  23. ^ "SumUp expands to the US market » PaymentEye". www.paymenteye.com. Retrieved 4 January 2018.
  24. ^ Finextra (21 November 2017). "BancoEstado and SumUp to launch mobile card acceptance in Chile". Finextra Research. Retrieved 4 January 2018.
  25. ^ "SumUp teams with BancoEstado for cool mobile card deal in Chile | Banking Technology". www.bankingtech.com. 22 November 2017. Retrieved 4 January 2018.
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