UK Mobile Payments Company SumUp Acquires Core Banking Solutions Provider Paysolut

UK-based mobile payments company SumUp announced on Tuesday it has acquired core banking solutions provider, Paysolut. Paysolut reported that it serves future unicorns of fintech by providing its mobile banking platform to run their businesses on. The company has already been working with SumUp for the past two years. 

“We help to save money and launch faster by acting as the single vendor for the software, know-how, partnerships, and even an interim payments institution license.”

Paysolut revealed it will remain independent in terms of management, but will now have access to the added muscle of a company with three million customers in 32 global markets. The company also explained that with the backing of SumUp, it will still do the following:

  • New products: Paysolut already provides core banking software that enables our clients to offer financial services like cross-border payments, IBAN issuing, and currency exchange. The company is also planning to launch more products in 2021
  • New markets: Paysolut already partners with clients from four different continents, and have ambitious plans to enter new markets around the globe
  • New team members: Paysolut is rapidly growing its team and in 2021, it’ll be adding ambitious engineers, product owners, and HR specialists

While speaking about the acquisition, Vytenis Pavalkis, Co-Founder and CEO of Paysolut, stated:

“Becoming a significant part of a global player like SumUp gives us the opportunity to strengthen our products and present them to a much larger number of customers worldwide. We are happy that solutions created in Lithuania will have a global impact.”

Founded in 2011, SumUp claims it empowers business owners by enabling them to accept card payments in-store, in-app and online, in a secure and cost-effective way.

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