London-based mPOS vendor SumU has acquired Fivestars, a US local commerce network that combines a marketing platform with integrated payments, for $317 million in a mix of cash and stock.
Following a €750 million raise in March 2021, one of the most significant debt financings for any privately backed startup in Europe, SumUp is executing on its commitment to international expansion.
The acquisition is SumUp's first in the US and will provide the company with access to the more than 70 million consumer members and 12,000 small businesses within Fivestars' network, which currently drives over $3 billion in sales and 100 million transactions per year.
Marc-Alexander Christ, SumUp Co-founder, says: "Now is the time to make sure our presence is as strong in the US as it is in Europe and, by acquiring Fivestars, SumUp will deliver for US-based merchants as it has in other international markets."
SumU has grown considerably since launch in 2012 and now supports over three million merchant users in 34 markets with its mobile card terminals and online services.