In today’s top payments news around the world, SumUp has secured roughly $893 million for expansion, while Piraeus Bank’s merchant acquiring business is to be purchased by Euronet Worldwide. Plus, Revolut announced that it would suspend its Canadian operations.
London FinTech SumUp Notches $893 Million For Expansion
British FinTech SumUp has landed a 750 million euros (approximately $893 million). The infusion will “significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services to support our merchants globally,” SumUp Co-Founder Marc-Alexander Christ said in a press release.
Euronet To Buy Piraeus Bank’s Merchant Acquiring Business
Euronet Worldwide, a FinTech solutions and payments provider, said it has arrived at a deal to purchase the Piraeus Bank Merchant Acquiring (PBMA) business of Greek financial institution (FI) Piraeus Bank. Once the transaction is finished, Euronet will function as Piraeus Bank’s exclusive long-term partner for the provision of merchant acquiring services to the FI’s customers.
FinTech Startup Revolut Says Goodbye To Canada
Revolut, the British FinTech firm, announced it would halt its Canadian operations, one-and-a-half years after rolling out a beta version of its platform in that nation. Revolut is a challenger bank providing traditional banking in addition to a digital currency exchange. It has operations across Europe and in the U.S., Australia and Japan. Revolut said on Twitter that it had “hoped to be able to bring Canada the full Revolut service but that is not possible at the moment.”
China Cracks Down On eCommerce Livestreaming Platforms
China’s market regulator, the State Administration of Market Regulation (SAMR), has stepped up its regulatory scrutiny of online shopping platforms, according to a published report. The regulator cited worries regarding items of low quality and misleading advertising as web influencers sell merchandise straight to consumers. eCommerce livestreaming is a large revenue generator in China.
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