mPOS firms SumUP and payleven agree merger

mPOS firms SumUP and payleven agree merger

SumUp and payleven have announced a merger agreement, marking the start of a consolidation phase in the crowded mobile point-of-sale arena.

The combined company, which will operate under the name SumUp, currently processes more than EUR 1bn annually in a total of 15 countries.

The companies say the merger agreement will provide scale opportunities to capitalise on growth as more small businesses move to mPOS and larger enterprisess start to integrate card present payments into their systems and apps.

Both companies launched in Europe in 2012 in a bid to emulate the success of mPOS market leader Square in the US.

The merger comes just moths after Rocket Internet-backed payleven scooped an additional $10 million in funding, bringing total capital raisings to $51 million.

SumUp's last cash injection came in August last year, when it bagged EUR10 million in a funding round that included BBVA Ventures and Groupon, taking total funding to EUR50 million.

Daniel Klein, founder of SumUp and CEO of the merged group, comments: “We have a ton of hard work ahead of us but combining our forces will allow us to unlock growth potential and further extend the products and services we offer to our merchants."

Existing merchants are not affected by the transaction, he says, as both companies’ products will be continued.

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