SumUp

The idea of SumUp was conceived in 2011, and the company was founded in 2012.{{Cite web|url=https://www.eu-startups.com/2018/12/assemble-a-team-of-visionaries-interview-with-fintech-unicorn-sumup-co-founder-marc-alexander-christ/|title=Assemble a team of visionaries: Interview with fintech unicorn SumUp co-founder Marc-Alexander Christ {{!}} EU-Startups|last=Trajkovska|first=Bojana|date=28 December 2018 |language=en-US|access-date=2019-07-21}} Investors include Goldman Sachs, Temasek, Bain Capital Credit, Crestline, Oaktree Capital Management, American Express, BBVA Ventures and Groupon.{{cite web |last1=Lunden |first1=Ingrid |title=SumUp raises $895M in debt to double down on its B2C payments business |url=https://techcrunch.com/2021/03/16/sumup-which-helps-businesses-take-card-payments-raises-895m-to-double-down-on-growth/ |website=techcrunch.com |date=16 March 2021 |publisher=TechCrunch |access-date=29 March 2022}}

SumUp's first product was officially launched in August 2012.{{Cite news|url=https://techcrunch.com/2012/11/14/sumup-another-european-square-expands-to-italy-spain-and-holland-now-covering-7-countries-12-weeks-into-launch/|title=SumUp, Another European Square, Expands To Italy, Spain And Holland, Now Covering 7 Countries 12 Weeks Into Launch|last=Lunden|first=Ingrid|work=TechCrunch|access-date=2018-01-04|language=en}}

In April 2016, SumUp announced it would merge with competitor Payleven,{{cite web |url=https://techcrunch.com/2016/04/27/sumup-and-payleven-merge-as-european-square-clones-consolidate/ |title=SumUp and Payleven merge as European 'Square clones' consolidate |author=Ingrid Lunden |date=27 April 2016 |website=TechCrunch }} a Berlin-based mobile payments provider by Rocket Internet.{{cite web |url=http://tech.eu/brief/fintech-fusion-european-mobile-payment-startups-sumup-and-payleven-confirm-merger/ |title=Fintech Fusion: European mobile payment startups SumUp and Payleven confirm merger |author=Robin Wauters |date=27 April 2016 |website=tech.eu }}

In February 2019, SumUp announced its acquisition of the eCommerce platform, Shoplo.{{Cite web|title=SumUp Expands its Product Suite with Acquisition of eCommerce Company Shoplo|url=https://sumup.co.uk/press/sumup-expands-product-shoplo-acquisition/|website=SumUp - a better way to get paid|language=en-GB|access-date=2020-05-29}}

SumUp also acquired Debitoor, a Danish company. Debitoor is an invoicing software for freelancers and SMEs.{{Cite web|title=Invoicing software built to help small business thrive|url=https://debitoor.com/|website=debitoor.com|language=en|access-date=2020-05-29}}

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.{{cite web |url=https://thegoodtill.com/blog/sumup-acquires-london-based-goodtill-to-expand-services-to-restaurant-and-hospitality-sectors/ |title=SumUp acquires London-based Goodtill to expand services to restaurant and hospitality sectors |date=19 November 2020 |website=goodtill }}{{Cite news|url=https://www.maddyness.com/2021/02/03/rachat-sumup-tiller-restaurants-reouverture/|title=SumUp acquiert Tiller pour être prête à la réouverture des restaurants|last=Taffin|first=Anne|work=Maddyness|access-date=2021-02-03|language=fr}}

In February 2021, SumUp further acquired the Lithuanian core banking system provider Paysolut, after a two-years long business partnership between the two companies.{{cite web |url=https://www.finextra.com/pressarticle/85978/sumup-acquires-lithuanian-fintech-paysolut |title=SumUp acquires Lithuanian fintech Paysolut |date=2 February 2021 |website=Finextra }}

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.{{cite web |last1=Lunden |first1=Ingrid |title=European point of sale provider SumUp acquires customer loyalty startup Fivestars for $317M |url=https://techcrunch.com/2021/10/13/european-point-of-sale-provider-sumup-acquires-customer-loyalty-startup-fivestars-for-317m/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAKyaQCq__-BuaWhMFIGlVu7CsCs4oRHm20AhnosSCHyrCXoe-t5bv__-vBAFBghcugxUiqaDlLg5Rj5HcPiQLmRRsbaHeQdfffCSqAf3u0A5oreA9gwg2oK582jL996bfL3s--vBjGBAyfEMeFWBLdbQ0A-vmkVIY4R1bFqmKNbO |website=tech crunch.com |date=14 October 2021 |publisher=TechCrunch |access-date=29 March 2022}}

File:SumUp at Caffè Culture 2022 - 07.jpg

In March 2021, SumUp raised $895M in debt to double down on its B2C payments business.{{Cite web|url=https://techcrunch.com/2021/03/16/sumup-which-helps-businesses-take-card-payments-raises-895m-to-double-down-on-growth/|title = SumUp raises $895M in debt to double down on its B2C payments business| date=16 March 2021 }}

Following acquisitions and global expansion, SumUp now has almost 3,000 staff, spread across 23 locations, as of January 2022.{{cite web |last1=Finn |first1=Aisling |title=SumUp has paid $317m, in a mix of cash and stock, for US payments network Fivestars |url=https://www.altfi.com/article/8428_sumup-strengthens-its-us-operations-with-fivestars-acquisition |website=altfi.com |publisher=Altfi |access-date=29 March 2022}} 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.{{Cite web |last=Klotz |first=Nina Anika |date=2022-06-23 |title=Payment-Startup Sumup schraubt Bewertung auf acht Milliarden Euro hoch |url=https://www.businessinsider.de/gruenderszene/fintech/payment-startup-sumup-600-millionen-finanzierung-bewertung-auf-8-milliarden/ |access-date=2023-01-17 |website=Business Insider |language=de-DE}}

In May 2024, SumUp secured €1.5 Billion in funding led by Goldman Sachs to expand its global operations.{{Cite web|url=https://fintech.industryexaminer.com/sumup-secures-e1-5-billion-in-funding/|title = SumUp Secures €1.5 Billion in Funding led by Goldman Sachs to Expand Global Operations |access-date=2024-05-02 |website=Fintech Industry Examiner|date = 2 May 2024 }}

• 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.{{cite web |url=https://sumup.co.uk/air-contactless-card-reader |title=Contactless Card Reader NFC |website=SumUp |accessdate=2017-01-23 }} 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{{Cite web|url=https://sumup.co.uk/3g-credit-card-reader/|title=SumUp - a better way to get paid|website=SumUp - a better way to get paid|language=en-GB|access-date=2019-04-05}} 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.{{Cite web|url=https://sumup.co.uk/point-of-sale/|title=iPad POS system - Point of Sale {{!}} SumUp|website=sumup.co.uk|language=en-GB|access-date=2018-01-04}} 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.{{cite web |title=SumUp to offer free mobile payments to EU merchants |url=https://www.finextra.com/pressarticle/81885/sumup-to-offer-free-mobile-payments-to-eu-merchants |website=finextra.com |date=20 March 2020 |publisher=Finextra |access-date=29 March 2022}}
• 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.{{cite web |last1=Rusman |first1=Evie |title=SumUp teams with Google to allow businesses to add gift cards to profile |url=https://www.cardsinternational.com/news/sumup-teams-with-google-to-add-gift-cards/ |website=cardsinternational.com |date=July 2020 |publisher=Cards International |access-date=29 March 2022}}
• 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.{{cite web |title=SumUp revamps online store |url=https://www.finextra.com/pressarticle/89598/sumup-revamps-online-store |website=finextra.com |date=5 October 2021 |publisher=Finextra |access-date=29 March 2022}}
• 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.{{cite web |title=SumUp opens business accounts for fast-growing merchants |url=https://www.finextra.com/pressarticle/90279/sumup-opens-business-accounts-for-fast-growing-merchants |website=finextra.com |date=16 November 2021 |publisher=Finextra |access-date=29 March 2022}}
• 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.{{Cite web|url=http://www.paymenteye.com/2015/05/21/Sumup-releases-new-sdk-and-api-for-ios-and-android-developers/|title=SumUp releases new SDK and API for iOS and Android developers » PaymentEye|website=www.paymenteye.com|language=en-GB|access-date=2018-01-04}}

{{As of |2021}}, SumUp was active in 34 countries and serves more than three million merchants.{{cite news |last1=Al Ali |first1=Nour |title=SumUp Buys Fivestars for $317 Million to Target U.S. Merchants |url=https://www.bloomberg.com/news/articles/2021-10-14/sumup-buys-fivestars-to-expand-u-s-small-business-services |newspaper=Bloomberg |date=14 October 2021 |access-date=29 March 2022}} 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. One month later, in December 2012, SumUp expanded to France, Belgium and Portugal.{{Cite news|url=https://techcrunch.com/2012/12/19/sumup-another-european-square-expands-to-3-more-markets-france-belgium-portugal-now-taking-payments-in-10-markets/|title=SumUp, Another European Square, Expands To 3 More Markets: France, Belgium, Portugal — Now Taking Payments In 10 Markets|last=Lomas|first=Natasha|work=TechCrunch|access-date=2018-01-04|language=en}} In November 2013, SumUp launched service in Brazil.{{Cite news|url=https://www.finextra.com/pressarticle/52722/sumup-opens-sao-paulo-office-for-brazil-launch|title=SumUp opens Sao Paulo office for Brazil launch|last=Finextra|date=2013-11-13|work=Finextra Research|access-date=2018-01-04|language=en}}

Since May 2014, SumUp also operates in Poland and Switzerland.{{Cite news |url=https://www.focus.de/digital/computer/internet-mobil-bezahldienst-sumup-expandiert-mit-neuem-lesegeraet_id_3881151.html|title=Mobil-Bezahldienst SumUp expandiert mit neuem Lesegerät|work=FOCUS Online|access-date=2018-01-04|language=de}} Sweden was launched in September 2015.{{Cite news|url=http://tech.eu/brief/sumup-sweden/|title=SumUp takes on iZettle on its home turf, Sweden|work=Tech.eu|access-date=2018-01-04|language=en-US}}

Since October 2016, SumUp has been operating in the United States.{{Cite web|url=http://www.pymnts.com/news/2015/sumup-enters-the-us-emv-mpos-launch|title=SumUp Launches US Expansion With EMV Terminal {{!}} PYMNTS.com|website=www.pymnts.com|date=22 October 2015|language=en-US|access-date=2018-01-04}}{{Cite web|url=http://www.paymenteye.com/2015/10/22/sumup-expands-to-the-us-market/|title=SumUp expands to the US market » PaymentEye|website=www.paymenteye.com|language=en-GB|access-date=2018-01-04}}

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.{{Cite news|url=https://www.finextra.com/pressarticle/71644/bancoestado-and-sumup-to-launch-mobile-card-acceptance-in-chile|title=BancoEstado and SumUp to launch mobile card acceptance in Chile|last=Finextra|date=2017-11-21|work=Finextra Research|access-date=2018-01-04|language=en}} The combined business operates under the brand "Compraqui" and is headquartered in Santiago de Chile.{{Cite web|url=http://www.bankingtech.com/2017/11/sumup-teams-with-bancoestado-for-cool-mobile-card-deal-in-chile/|title=SumUp teams with BancoEstado for cool mobile card deal in Chile {{!}} Banking Technology|website=www.bankingtech.com|date=22 November 2017|language=en-GB|access-date=2018-01-04}} As of September 2020, Compraqui is operated 100% by Banco Estado and SumUp's operations in Chile are independent of the public owned bank.{{cite web|url=https://www.america-retail.com/chile/bancoestado-finaliza-alianza-con-sumup-y-se-queda-con-la-propiedad-y-marca-compraqui/|title=BancoEstado finaliza alianza con SumUp y se queda con la propiedad y marca Compraquí|work=América Retail|last=Vazquez|first=Dayana|date=3 September 2020}}

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Category:Financial services companies of England

Category:British companies established in 2011

Category:Payment service providers