Mobile Payment Companies SumUp and Payleven Announce Merger
Combined company to advance to global leader in the mobile payment space
LONDON – APRIL 27, 2016 – Mobile payment companies SumUp & payleven today announced a definitive merger agreement to create the global leader in mobile payments. The shareholders of both companies have approved the transaction and will continue to support the combined company going forward. The combined company, which will operate under the name SumUp, currently processes more than EUR 1bn annually in a total of 15 countries.
By joining forces, the combined company will be perfectly positioned to leverage both SumUp’s proprietary end-to-end hardware and payment platform, and payleven’s leading merchant acquisition capabilities to accelerate growth in a very dynamic market. The mobile payment market is characterized by very attractive growth rates as more and more small businesses are looking for an easy and affordable way to accept card payments. Larger enterprises are starting to integrate card present payment solutions into their systems and apps. Daniel Klein, founder of SumUp and CEO of the merged group, comments: “Today's announcement is a game-changer for the mobile payments industry. It is another step towards delivering on our vision of creating the first ever global card acceptance brand. We could not think of a better partner for this step than payleven with their impressive sales power. 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. We look forward to working together with payleven on the future of mobile payments.”
Konstantin Wolff, co-founder of payleven, adds: “SumUp and payleven have decided to seize an exceptional opportunity: Two complimentary teams sharing the same vision joining forces. The new entity will be larger and more powerful than the sum of the parts and be perfectly positioned to build a global leader in the space. With our shared know-how of the mobile payment space, we look forward to continue exceeding customer and partner expectations alike worldwide."
Existing merchants are not affected by the transaction, as both companies’ products will be continued.
About SumUp SumUp is the leading mobile point-of-sale (mPOS) company and is set to empower the world to accept card payments. With SumUp, merchants can accept credit and debit cards, using their smartphones or tablets, in a simple, secure and cost-effective way. SumUp's mobile card acceptance solution is built on proprietary end-to-end EMV payment technology, terminal hardware, and mobile applications. SumUp offers its solution to partners through a full suite of SDKs and APIs. The company is Europay, MasterCard, and Visa (EMV) and PCI-DSS certified, ensuring that payments are processed in accordance with the highest security standards. Launched in August 2012, SumUp enjoys impressive global reach and has since expanded into 15 countries, including Germany, Brazil and the US. SumUp is backed by BBVA Ventures, Groupon, Venture Incubator AG, and other renowned venture capital investors.
About payleven payleven is the leading mobile card payments company, providing small and medium-sized businesses with a cost-effective and secure way to accept debit and credit card payments. The payleven Classic and Plus card-readers (EMV Level 2 and PCI certified) connect via Bluetooth to the free payleven app downloaded to a smartphone or tablet, seamlessly transforming the device into a payment terminal. Konstantin Wolff and Rafael Otero, both mobile payment entrepreneurs, founded payleven in 2012 with a vision to offer business owners an innovative alternative to traditional card payment terminals, with transparent pricing and no extra fees. With a team working throughout 11 markets, including the UK, the Netherlands and Brazil, payleven leads the way into the future of payment technology. Besides Rocket Internet, payleven is backed by Holtzbrinck Ventures, Seventure Partners and other well-known investors.