The combined company, which will operate under the name SumUp under the leadership of Daniel Klein, currently processes more than €1bn annually in a total of 15 countries. By joining forces, the merged company Sumup will leverage both SumUp’s hardware and payment platform, and payleven’s merchant acquisition capabilities to accelerate growth. Existing merchants are not affected by the transaction, as both companies’ products will be continued.
SumUp is a mobile point-of-sale (mPOS) company that allows merchants to accept credit and debit cards, using their smartphones or tablets. Its mobile card acceptance solution is built on proprietary end-to-end EMV payment technology, terminal hardware, and mobile applications. The company is Europay, MasterCard, and Visa (EMV) and PCI-DSS certified.
Launched in August 2012, SumUp has expanded into 15 countries, including Germany, Brazil and the US and is backed by BBVA Ventures, Groupon, Venture Incubator AG, and other venture capital investors.
Founded in 2012 by Konstantin Wolff and Rafael Otero, payleven is a mobile card payments company, providing small and medium-sized businesses with a secure way to accept debit and credit card payments. The payleven Classic and Plus card-readers (EMV Level 2 and PCI certified) connect via Bluetooth to the free payleven app downloaded to a smartphone or tablet, transforming the device into a payment terminal. The company’s team is located throughout 11 markets, including the UK, the Netherlands and Brazil. payleven is backed by Rocket Internet, Holtzbrinck Ventures, Seventure Partners and other investors.