Two of the leading European mobile payment companies SumUp and 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. payleven has been co-founded and backed by Rocket Internet.
The combined company, which will operate under the name SumUp, currently processes more than €1 billion annually in a total of 15 countries. By joining forces, the combined company will be positioned to leverage both SumUp’s proprietary endtoend hardware and payment platform, and payleven’s leading merchant acquisition capabilities to accelerate growth in a very dynamic market. Existing merchants are not affected by the transaction, as both companies’ products will be continued.
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 gamechanger 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.”
Konstantin Wolff, cofounder 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 knowhow of the mobile payment space, we look forward to continue exceeding customer and partner expectations alike worldwide.“