SumUp becomes first mobile payment company to hit profitability
Europe’s leading mPOS provider doubled its revenue in six months
LONDON – SEPTEMBER 6TH, 2016 – SumUp, the leading mobile point-of-sale (mPOS) company, today announced that it has reached profitability. The company has doubled its revenues in the last six months and is approaching $100 million in annual revenue. Launched four years ago, SumUp has disrupted the payment industry by offering card acceptance at a fraction of the cost of traditional solutions. Today, the company enables small merchants in 15 countries to accept card payments in a simple, secure and cost-effective way with a team of more than 300 people. By focusing on small businesses, SumUp targets the so-called long tail of the market, a space with tight margins where no other payment company has ever been able to make a profit.
“We are the world’s first company to prove that empowering small merchants with card acceptance can be a profitable business, despite tight margins in the long tail”, said Daniel Klein, CEO of SumUp. “By building our own hardware, payment gateway and merchant service business we have reduced the cost of owning a card acceptance terminal to a tenth in just four years. Nothing can stop us now and we will keep making card acceptance more and more affordable around the globe.”
About SumUp SumUp is a leading financial technology company that is set to become the first ever global card acceptance brand. The company enables businesses to accept card payments at the Point-of-Sale or on the go in a simple, secure and cost-effective way. SumUp is the only company to offer an end-to-end EMV card acceptance solution built on proprietary hardware and mobile apps. This unique offering enabled SumUp to rapidly expand into 15 markets, including the U.S., Brazil and Germany, making it the mPOS company with the largest global footprint. The company has gone on to develop a full suite of SDKs and APIs for third parties to integrate card payments into their mobile apps. SumUp has been backed by renowned investors, including Groupon, BBVA Ventures, Holtzbrinck Ventures and American Express. In April 2016 SumUp has merged with the mPOS company payleven to create the global leader in mobile payment.