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.