London-based fintech startup SumUp has declared that it has acquired Polish multichannel e-commerce platform, Shoplo. Banco Bilbao Vizcaya Argentaria (BBVA) -backed SumUp allows small businesses to receive payments in an efficient and hassle-free manner.
After acquiring Warsaw-based company Shoplo, SumUp will be expanding its product suite, which will enable the SumUp merchants to reach out to various online marketplaces and artistically pleasing online storefronts, irrespective of the type of business. SumUp will be scaling up its services for its over 1 million active users worldwide.
As of now, the product suite of SumUp includes the services of accepting payments on-the-go or online, managing the business at the point of sale, invoicing and bookkeeping, third-party integrations of payments, and other services via SDKs and APIs.
The fintech startup also has features such as international shipping, chat functionality as well as a unique multi-channel capability which enables merchants to easily sell on different marketplaces – such as Facebook, eBay or Etsy – all from within one central dashboard.
In October 2018, the company released its 3G reader, a card terminal that lets merchants process payments without the need for a mobile app or constant Wi-Fi connection.
Found in 2012, Shoplo employees 30 employees and is currently supporting over 3,000 online stores in Europe. It will be providing SumUp with the template, technology, and expertise to scale up in the e-commerce area of its business, allowing it to offer a scalable solution that will enable its merchants to easily create their own online stores and sell on numerous e-commerce platforms.
This acquisition is a part of SumUp’s expansion plan, in order to become a one-stop-shop for businesses of all scales. It has also been rumoured that the U.K.-based fintech startup has accomplished the milestone of having a valuation of $1 billion or more. Moreover, the fintech company has claimed that it has surpassed annual revenue of $200 million.
Previously, SumUp acquired Denmark-based Company Debitoor, which is a software platform related to invoicing services and was originally designed according to the needs of freelancers and SMEs.
Debitoor’s software will be integrated in SumUp’s user offerings and its team of 45 employees will be joining SumUp’s organisation, so as to empower small merchants on a global level. Before the acquisition of Debitoor, SumUp merged with Payleven.
Having secured a total funding amount of €39.1 million, SumUp was found by Daniel Klein, Jan Deepen, Marc-Alexander Christ, Petter Made, Stefan Jeschonnek.
Regarding the expansion plan, Co-Founder of SumUp Marc-Alexander Christ stated,
From the shop-floor to the online checkout, SumUp is looking to be the first point-of-call to merchants globally. Every decision we make to expand our product suite is made with consideration and feedback from our 1 million users worldwide. From the boutique clothing stores to florists and microbrewers, our platform is constantly looking to the technology solution which helps their business to flourish. By leveraging Shoplo’s technology, SumUp’s merchants will get easy access to creating their very own online stores.
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