Mergers are coming to mPOS.
In an announcement made on Wednesday (April 27), mobile payment players SumUp and payleven said that they would merge in a deal that would, upon completion, create what they billed as the “global leader in the mobile payment space.” The transaction, which would result in a mPOS juggernaut with presence in 15 countries and more than €1 billion in annual processing value, has garnered the approval of the boards of both companies. The companies will operate under the name SumUp.
The financial terms of the deal were not disclosed. In a joint press release, the firms said that the deal would leverage SumUp’s end-to-end hardware and payments platform and the payleven merchant acquisition applications to bring growth to an accelerated pace. The main driver, said the firms, remains the fact that small firms are looking to find new ways to accept card payments. The larger firms are also bringing new integrations of card-present transactions into their own networks.
In remarks that accompanied the release, Daniel Klein, who founded SumUp and who serves as CEO of the merged entity, stated: “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.”
The companies said that the products across both firms are being continued and, as such, there will be no impact to merchants.