UK FinTech SumUp Acquires POS Firm Goodtill

U.K. global payments service firm SumUp has acquired point-of-sale (POS) software provider Goodtill for an undisclosed amount.

“Having worked with the Goodtill team for many years as partners, we’ve been very impressed by their growth, product and company culture,” Maximilian Stella, vice president, new ventures at SumUp, said in a statement on Thursday (Nov. 18).

Stella added that the two London-headquartered companies have complementary “values and mission” and by collaborating as a unified team, they can advance new tools “for merchants in the restaurant and hospitality space.”

This is SumUp’s latest strategic acquisition deal as the company strives to boost its suite of product offerings. The company also acquired Shoplo for eCommerce last year and Debitoor, for accounting and invoicing, in 2018.

As the COVID-19 pandemic continues to upend everyday life worldwide, SumUp and Goodtill are striving to future-proof the capabilities of the restaurant and hospitality sectors.

Goodtill’s POS technology helped hospitality businesses quickly pivot to mobile table service and online ordering during the coronavirus crisis. Its Goodeats tool has so far processed over 1 million orders during the lockdown.

To help its clients do business safely during COVID-19, SumUp introduced new payment links, invoicing options and selling tools through its online store. It also partnered with Google, Facebook and Instagram for gift card collaborations.

Goodtill said that it processes over £500 million transactions annually, with revenues growing 100 percent year on year since 2017. Clients include Uber Boat by Thames Clippers, Edinburgh Fringe, The SSE Arena Wembley, and more.

“For over five years, our aim has been to deliver the best point of service technology to forward-thinking businesses across the restaurant, events and hospitality sectors,” said Oliver Rowbory, co-founder, Goodtill.

He added that merging its expertise with Sumup will “create an unrivalled offering for our clients and users across the world.”

In February, Sumup teamed with Mastercard to offer its first business card so companies can make payments, withdraw money and track finances.

SumUp announced earlier this month that it has been granted a new electronic money (eMoney) license from the Central Bank of Ireland.