23 September 2017
Find out more

SumUp hits profitability

06 September 2016  |  3782 views  |  0 Source: SumUp

SumUp, 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.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.sibos.comvisit www.vasco.comvisit www.temenos.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13064 views comments | 27 tweets | 42 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
9045 views comments | 13 tweets | 27 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8452 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8056 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
7821 views comments | 31 tweets | 45 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job