London-based fintech company SumUp has selected Worldpay’s merchant solutions portfolio as it hunts for global expansion.
SumUp works with over 3.5 million merchants in 30+ markets. The payments service provider offers digital business solutions to small businesses and entrepreneurs, such as card readers and remote payment solutions (invoices, gift cards and payment links).
SumUp will use Worldpay from FIS’s acquiring services, which includes authorisation, clearing and settlement, dispute management and data insights.
“The adoption of digital payments technology around the world continues to accelerate, and as companies enter new markets, they need local understanding of consumer behaviour to ensure success,” says Jim Johnson, Head of Merchant Solutions, Worldpay from FIS.
FIS, which is headquartered in Florida, processes over $2 trillion (£1.5 trillion) in transactions annually across more than 100 countries in various payments types and currencies. FIS bought Worldpay for about $35 billion (£25.8 billion) in 2019.
SumUp was founded in 2012 and has 2,800 employees. According to LinkedIn, it has a presence in 12 locations across Europe, South America and the US.
The fintech firm has been doing quite well with a US acquisition and a sizeable boost in funding.
Back in October, SumUp acquired Fivestars, a US-based “two-sided local commerce network” that combines a marketing platform with integrated payments, for $317 million (£231 million at the time).
The acquisition was SumUp’s first in the US and gave it access to the 70 million+ consumer members and 12,000 small businesses within Fivestars’s network.
That deal followed a €750 million (£630 million) raise in March 2021.