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SumUp Announces Merger with Payleven

SumUp_homepage_April2016

The merger between mPOS innovators SumUp and payleven announced this week will create a new giant in the industry that processes more than €1 billion a year in 15 countries.

Founder and CEO of SumUp Daniel Klein called the deal a “game-changer for the mobile payments industry” and a major move toward his vision of building the “first ever global card acceptance brand.” payleven co-founder Konstantin Wolff referred to SumUP and payleven as “two complimentary teams sharing the same vision” and said the merger would produce a company that is “larger and more powerful than the sum of its parts.” The combined entity will operate as SumUp.

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Pictured (left to right): Stefan Jeschonnek, CMO and co-founder, and Florian Richter, country manager, U.K., demonstrated SumUp at FinovateEurope 2013 in London.

SumUp’s proprietary end-to-end EMV technology, hardware terminal, and mobile apps enable merchants to accept both credit and debit card transactions with a smartphone or tablet. Certification with Europay, MasterCard, and Visa ensures a high level of payment security and has enabled the company to serve merchants in 15 countries such as Brazil, Sweden and, as of last October, the U.S. SumUp’s investors include American Express, BBVA Ventures, Groupon, Venture Incubator AG—all participants of the company’s most recent fundraising last August. Founded in August 2011 and headquartered in Dublin, Ireland, SumUp demonstrated its technology at FinovateEurope 2013.

payleven’s Bluetooth-powered card readers help SMEs process credit and debit card payments. Founded in 2012, the Berlin-based company raised more than $25 million in funding, including a $10 million Series D round in February.