Sumup

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SumUp

logo
legal form Limited
founding 2012
Seat London , UKUnited KingdomUnited Kingdom 
management Daniel Klein, Marc-Alexander Christ
Number of employees 1,700
sales 200 million euros
Branch Payment services ( mobile payment )
Website sumup.de
Status: December 2018

SumUp Payments Limited (spelling SumUp) is a Mobile Point of Sale (mPOS) payment service provider in Europe based in London .

Company description

With SumUp, merchants can accept debit (EC) and credit card payments, including VPay, Visa, Maestro, Mastercard, American Express, with their smartphone or tablet. SumUp offers retailers a card reader that extends iOS and Android-based smartphones and tablets with the functionality of a card terminal. With SumUp Point of Sale, the company also offers a plug & play package that gives every retailer access to a cash register system.

The company was founded in 2012 and has been present on the German market since August 2012. It was u. a. funded by American Express , Groupon , BBVA Ventures and other venture capital companies. Since its inception, the company has raised more than € 100 million in capital.

In April 2016 , SumUp merged with the Berlin competitor Payleven . Payleven was founded in 2012 with funding from Rocket Internet . The merged company will now operate under the name SumUp and in 2016 processed a payment volume of around 1 billion euros. SumUp was the first mobile card payment provider to achieve profitability, with estimated annual sales of more than $ 100 million in 2016.

In the summer of 2017, the Church of England partnered with SumUp and iZettle to offer cashless payments in 16,000 churches.

In May 2018 the company had 900 employees and a turnover of more than 100 million euros. At the end of 2018 the numbers were already 1,300 employees and an annual turnover of 200 million euros.

In a financing round in July 2019, SumUp received EUR 330 million in capital, with investors including Goldman Sachs and Bain Capital . In March 2020, the company had 1,700 employees worldwide.

Products

  • Chip & PIN + NFC card reader : With the mobile SumUp card reader and the associated app for iOS and Android, a smartphone can be expanded to include the functionality of a card terminal. The card reader is connected to the mobile device via Bluetooth. With SumUp EC and credit cards, including Visa, Mastercard American Express, can be settled. The card reader can settle contactless payments (NFC technology), Chip & PIN or magnetic stripe cards. Depending on the card, the customer confirms the payment by entering his PIN or his signature on the display and can receive a confirmation via SMS or email if desired. A card reader followed later which connects directly to the 3G network .
  • POS system : As a POS system, SumUp Point of Sale consists of the SumUp card reader, a preconfigured iPad, an iPad stand, a receipt printer, a cash drawer and a WLAN router.
  • SDKs & APIs : SumUp enables third parties to integrate with the company's end-to-end payment system and card terminals via SumUp Terminal Payment SDKs (Software Development Kit) for iOS and Android as well as several APIs (Application Programming Interface) for developers. By integrating with SumUp's open platform, partners can seamlessly integrate the acceptance of card payments into their native or browser-based apps. The SDKs and APIs support the acceptance of Visa, VPay, Mastercard, Maestro and American Express, Apple Pay, Android Pay, local debit cards and Bitcoins.

technology

SumUp is authorized as a payment institution by the UK Financial Conduct Authority (FCA) (license number 587718) and is Europay, MasterCard and Visa (EMV) as well as PCI-DSS certified. SumUp thus complies with the usual security standards for card payments. The company's contactless card terminal has the following certifications:

  • PCI PTS V3.0 Certified, SRED
  • EMC level 1 & level 2
  • MasterCard TQM
  • MasterCard TIP, Visa ADVT
  • Visa Ready

Geographical spread

SumUp operates in a total of 30 countries. In August 2012 the company started in Germany, Austria, England and Ireland. Italy, Spain and the Netherlands followed in November 2012. A month later, in December 2012, SumUp expanded to France, Belgium and Portugal. In November 2013 SumUp expanded to Brazil. Since May 2014 SumUp also has a business in Poland and Switzerland. Sweden followed in September 2015. The company has been offering its services in the USA since October 2016.

In August 2017, the company announced that it would expand into 15 additional countries, including Finland and Norway. The Volksbank Group was the first Austrian financial institution to start selling card terminals at the beginning of 2019 .

Web links

Individual evidence

  1. ↑ Natasha Lomas: Mobile Payments Startup SumUp Adds Support For American Express Payments In 8 Of Its 10 European Markets. TechCrunch, February 21, 2013, accessed January 27, 2017 .
  2. ↑ Ben Schwan: SumUp offers an iPad-based cash register system. heise.de, June 26, 2013, accessed on January 27, 2017 .
  3. ↑ FOCUS Online: SumUp mobile payment service wants to attack cash register systems . In: FOCUS Online . June 26, 2013 ( focus.de [accessed January 27, 2017]).
  4. ↑ Get to know the leading card terminal provider better | SumUp. Accessed April 27, 2020 (German).
  5. ↑ The new startup of the two SumUp founders. March 30, 2016, accessed April 27, 2020 .
  6. ↑ Ingrid Lunden: Make Way For Another European Square: SumUp Launches With $ 20M + In Backing. TechCrunch, August 23, 2012, accessed January 27, 2017 .
  7. ↑ SPIEGEL ONLINE, Hamburg Germany: Mobile payment: Smartphones become credit card terminals - SPIEGEL ONLINE - Netzwelt. August 23, 2012. Retrieved January 27, 2017 .
  8. ↑ Economy, Business & Finance: SumUp mobile payment service attracts American Express and Groupon. Wirtschaftswoche, May 28, 2013, archived from the original on January 27, 2017 ; accessed on January 27, 2017 .
  9. ^ Robin Wauters: Groupon, American Express Invest Millions In Payments Firm SumUp . Ed .: The Next Web. May 28, 2013 ( thenextweb.com [accessed January 27, 2017]).
  10. ↑ Groupon and American Express invest in SumUp - Apple sells payleven card readers. In: deutsche-startups.de. May 28, 2013. Retrieved January 27, 2017 .
  11. ^ Ingrid Lunden: SumUp Adds Spanish Bank BBVA To Its Latest Groupon / AmEx Round, Follows Mobile Payment Rival iZettle To South America. In: TechCrunch. July 9, 2013, accessed January 27, 2017 .
  12. ↑ Ingrid Lunden: European Mobile Payment Startup SumUp Discloses A Total $ 45M In Funding. TechCrunch, June 10, 2015, accessed January 27, 2017 .
  13. ↑ SumUp has so far collected 40 million euros. In: deutsche-startups.de. June 9, 2015, accessed January 27, 2017 .
  14. ^ Ingrid Lunden: SumUp and Payleven merge as European 'Square clones' consolidate. In: TechCrunch. April 27, 2016. Retrieved January 27, 2017 .
  15. ↑ SumUp and Payleven: Berlin mobile payment services are merging . In: Handelsblatt . April 27, 2016 ( handelsblatt.com [accessed January 27, 2017]).
  16. ^ Ingrid Lunden: SumUp and Payleven merge as European 'Square clones' consolidate. Techcrunch.com, April 27, 2016.
  17. ↑ SumUp and Payleven: Berlin mobile payment services are merging. Handelsblatt, April 27, 2016.
  18. ↑ heise online: SumUp mobile payment service is heading for $ 100 million in annual sales. September 6, 2016, accessed January 27, 2017 .
  19. ^ Mia Shanley: Europe's mobile payment players braced for battle as US rivals move in . In: Reuters . September 6, 2016 ( reuters.com [accessed January 27, 2017]).
  20. ^ Church of England rolls out cashless giving. In: UK Fundraising. March 21, 2018. Retrieved May 29, 2018 .
  21. ↑ Contactless donations to be rolled out across the Church of England. In: Church Times. March 23, 2018. Retrieved May 29, 2018 .
  22. ↑ Takeover: PayPal pays two billion for credit card start-up - Economy - Tagesspiegel Mobil. Retrieved May 24, 2018 .
  23. ↑ Promising start-ups: The next Zalando. December 28, 2018, accessed January 7, 2019 .
  24. ↑ Payment service provider: 330 million capital injection for British fintech Sumup. Handelsblatt, July 16, 2019, accessed on August 9, 2019 .
  25. ↑ IT financial magazine: FinTech portrait: SumUp changes to "Corona mode" and now wants to bail out customers · IT financial magazine. In: IT financial magazine. March 27, 2020, accessed on April 27, 2020 (German).
  26. ↑ Ben Rabinovich: Sumup releases new SDK and API for iOS and Android developers. PaymentEye, May 21, 2015, accessed January 27, 2017 .
  27. ^ Financial Conduct Authority. Retrieved January 27, 2017 .
  28. ↑ Press Release | Visa Corporate | Visa Inc. Retrieved January 27, 2017 .
  29. ↑ Ingrid Lunden: SumUp, Another European Square, Expands To Italy, Spain And Holland, Now Covering 7 Countries 12 Weeks Into Launch. TechCrunch, November 14, 2012, accessed January 27, 2017 .
  30. ↑ Natasha Lomas: SumUp, Another European Square, Expands To 3 More Markets: France, Belgium, Portugal - Now Taking Payments In 10 Markets. TechCrunch, December 19, 2012, accessed January 27, 2017 .
  31. ^ Paul Sawers: SumUp Wants to Cash-in With Brazil . In: The Next Web . November 13, 2013 ( thenextweb.com [accessed January 27, 2017]).
  32. ↑ SumUp opens Sao Paulo office for Brazil launch. Finextra, November 13, 2013, accessed January 27, 2017 .
  33. ↑ FOCUS Online: SumUp mobile payment service is expanding with a new reader . In: FOCUS Online . May 28, 2014 ( focus.de [accessed January 27, 2017]).
  34. ^ Robin Wauters: SumUp debuts proprietary 'Chip & PIN' device in Europe . In: Tech.eu . May 28, 2014 ( tech.eu [accessed January 27, 2017]).
  35. ↑ FOCUS Online: Berlin mobile payment service challenges Swedish rivals . In: FOCUS Online . September 29, 2015 ( focus.de [accessed January 27, 2017]).
  36. ^ Robin Wauters: SumUp takes on iZettle on its home turf, Sweden . In: Tech.eu . September 29, 2015 ( tech.eu [accessed January 27, 2017]).
  37. ↑ SumUp Launches US Expansion With EMV Terminal. PYMNTS.com, October 22, 2015, accessed January 27, 2017 (American English).
  38. ↑ Ben Rabinovich: SumUp expands to the US market. PaymentEye, October 22, 2016, accessed January 27, 2017 .
  39. ↑ Berlin fintech SumUp expands into 15 more countries. In: Gründerszene. September 5, 2017. Retrieved May 25, 2018 .
  40. ↑ APA ots news: Volksbank starts selling SumUp POS systems. In: boerse.de . January 7, 2019, accessed January 7, 2019 .