London FinTech SumUp Gets Digital Money License From Irish Central Bank

Global payments startup SumUp announced it has been granted a new electronic money (eMoney) license from the Central Bank of Ireland.

Gareth Walsh, chief executive officer for SumUp Ireland, said small firms are the backbone of a strong economy and getting a license “during this critical time” amid the ongoing pandemic lets the firm continue “to empower those small businesses” and help them thrive. 

“Our core products allow our users to take remote and contactless card payments during lockdown situations, and so in a very real way, this [license] will ensure Ireland’s entrepreneurs can keep trading and keep recovering,” Walsh said.

The FinTech also has eCurrency licenses in Lithuania and the U.K. The new license from Ireland’s  financial services regulator will enable SumUp to offer its services across 26 European countries.

SumUp’s Dublin office is poised for growth and will become the central regulated location for the firm’s business across the EU. SumUp has been active in Ireland since 2012 and has introduced electronic payments to thousands of businesses. Over 3 million merchants use its technology and more than 7,000 firms join the platform daily, according to the statement. 

The company has also recently launched new solutions — payment links and invoicing options; the eCommerce suite SumUp Online Store; and gift card partnerships with Google, Facebook and Instagram. The solutions were created to help small business owners take payments safely and stay in business during unpredictable times, the company said. 

In February, SumUp partnered with Mastercard to offer its first business card, which gave merchants the ability to tap funds and monitor finances. Featuring next-day payouts, users can monitor all purchases and balances through the SumUp App. 

Last year the company was awarded a $371 million loan backed by Goldman Sachs Private Credit and Bain Capital Credit to finance its growth into 31 markets. In July of 2019, SumUp had 151 million users and posted an annual revenue of €200 million.