FinTech SumUp Buys Shoplo To Expand eCommerce Biz


U.K.-based FinTech SumUp, which helps small to medium-size businesses (SMBs) take card payments, has acquired Shoplo, a multichannel eCommerce platform. The move was a bid to expand its reach and to provide its merchants entry into different online marketplaces like eBay, Etsy and Facebook, according to a report by TechCrunch.

The exact terms of the deal aren’t known, but Shoplo technology will also help SumUp’s customers to create better ecommerce storefronts.

“The acquisition of Warsaw-based company Shoplo, consisting of 30 employees, will provide SumUp with the template, technology, and expertise to expand the e-commerce area of its business, enabling it to offer a scalable solution that will allow its merchants to easily create their own online stores and sell on numerous e-commerce platforms in just a few clicks,”  SumUp said.

SumUp, which is backed by Banco Bilbao Vizcaya Argentaria (BBVA), began by giving merchants a Square-like card-swiping capability, and then it followed that up by merging with Payleven, a mobile point-of-sale company. The company currently manages all aspects of payment services for its merchants, including bookkeeping, invoicing and third-party payment abilities, though SDKs and APIs.

Shoplo is not the company’s first acquisition, as SumUp has grown through its selective purchases of other companies. It recently bought a Danish company called Debitoor, which is an accounting and invoicing software platform.

Eventually, the company wants to be a sort of do-it-all for businesses big and small everywhere. The company says that its annual revenue has passed $200 million.

Marc-Alexander Christ, the co-founder of SumUp, said he’s always thinking about what the next step is for the company, and how to continue expanding and serving customers’ needs.

“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 the consideration and feedback from our 1 million users worldwide,” he said.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.