BancoEstado and SumUp to launch mobile card acceptance in Chile

SANTIAGO DE CHILE / LONDON – November 21, 2017 – SumUp, the leading financial technology provider, and BancoEstado de Chile, the largest national bank of Chile, today announce the launch of a joint venture offering mobile card acceptance to small businesses. BancoEstado ran a comprehensive global selection process from which SumUp emerged as the ideal partner to serve small merchants in Chile.

Through the newly formed joint venture, SumUp increases its local footprint in South America to a second market. The combined business operates under the brand “Compraqui” and is headquartered in Santiago de Chile. For the first time, Chilean businesses are able to offer mobile card acceptance anytime, anywhere with no monthly fees and no contractual obligations.

The joint efforts capitalize on the global reputation SumUp has developed as a Mobile Point of Sale (mPOS) company, currently operating in 31 markets in Europe, the U.S. and Brazil, and BancoEstado’s commitment for and earned trust of more than 600,000 SMEs, providing financial services with an emphasis on the unbanked and businesses. SumUp and BancoEstado are planning to triple the number of card acceptance points to 1.5 million in the next 3 years.

Jessica López Saffie, Gerente General of BancoEstado, comments: “Serving small businesses is at the core of what we do. Together, we address more than 600,000 SMEs and 1.2M sole proprietors who currently cannot accept card payments. We ran a comprehensive selection process, evaluating many card acceptance solutions. With a proven business model and a market-leading end-to-end card acceptance solution providing highest security standards, SumUp came out at the top of this process.”

Daniel Klein, CEO of SumUp, says: “This is a milestone for the small business sector in Chile. We truly disrupt the existing market for card acceptance through Compraqui’s unique offering. It represents each company’s strong commitment to provide business owners with easy access to card payment technology to ultimately increase their revenue.” He adds: “Moreover, BancoEstado is Chile’s biggest card issuer with over 10 million cards issued. Through Compraqui, we will increase the number of card acceptance points dramatically in the SME sector and contribute to their financial inclusion.”

With more than $100 million annual revenue and 2,000 new businesses joining the service every day, SumUp is on its path to becoming the first global card acceptance brand.

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 in-store, in-app and online 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 with a full suite of SDKs and APIs for third parties to integrate card payments into their mobile apps. The SumUp product suite also provides each business with a Virtual Terminal and SumUp’s state-of-the-art SMS (text message) payment application. This unique offering enabled SumUp to rapidly expand into 31 markets, including the U.S., Brazil and the United Kingdom.

Press Contact / Thomas Adamski / [email protected] / +49 176 22 938 732

About BancoEstado Founded in 1855, BancoEstado is a state bank that competes with other banks in Chile under the same rules. BancoEstado has a long history in the market and a hallmark tradition of providing mass services. To date BancoEstado has more than 12,5 million clients and is responsible for financial inclusion in Chile, allowing financial access to individuals and MSMEs. Its geographical coverage reaches 100% of Chilean counties.