London-headquartered mobile payments firm SumUp has announced the acquisition of Paysolut, a core banking solutions provider. Post the acquisition, Lithuania-based Paysolut will remain an independent company, from the management point of view. It will also have access to a massive customer base of 3 million in about 32 markets.

The amount paid for the acquisition by SumUp has not been disclosed by either of the parties. A representative from SumUp said the acquisition of Paysolut aims at creating an even stronger tech-based core banking solution.

More about SumUp & Paysolut’s deal

SumUp and Paysolute have worked as business partners for the past 2 years. The UK-based fintech says that Paysolut is a natural fit for SumUp, in terms of its acquisition strategy. Being a part of SumUp’s fintech ecosystem, Paysolut will be able to expand its highly skilled and qualified team and create a new level of quality products.

Co-founder and CEO of Paysolut, Vytenis Pavalkis says that the ultimate and continuous goal of every company is to grow and expand its services into new markets. Becoming a key part of a globally renowned player like SumUp provides Paysolut with the opportunity not only to strengthen its products but also to present and deliver them to a considerably larger number of customers across the world, Pavalkis adds. Paysolut is happy that banking solutions created in Lithuania will now become more important worldwide. This deal also signifies a tremendous opportunity for the Lithuanian fintech’s current and future teams to learn and grow together with SumUp, says Paysolut.

Founded in 2017, Paysolut has made fintech solutions for P2P, P2M and cross-border payments. It also enables save money as well as launch faster by acting as their single vendor for partnerships, software and an interim payments institution license.

SEE ALSO: UK-based fintech Revolut launches its full services in Australia

About the UK-based fintech SumUp

Founded by Daniel Klein, Jan Deepen, Marc-Alexander Christ, Petter Made and Stefan Jeschonnek, SumUp is a leading mobile-Point-of-sale (mPOS) firm in Europe that started out in 2012. SumUp is certified by Europay, Mastercard and Visa (EMV) and PCI-DSS. Moreover, it is authorized as a payment institution by the Financial Conduct Authority. It’s end-to-end proprietary fintech solution covers the complete payment process – Android and iOS mobile apps, card terminals, a payment processing platform along with a risk and anti-fraud detection solution.

Paysolut’s acquisition is the latest one in SumUp’s series of acquisitions that it has entered to broaden and strengthen its portfolio. In the past 2 years, SumUp has acquired Shoplo, Goodtill and Debitoor. It was named the fastest-growing company of Europe in the ‘Inc. 5000’. More than 7000 companies join its platform every day and its card terminals are relied upon by more than million businesses internationally. In 2019, the company crossed an annual revenue of €200 million.

SEE ALSO: NAB agrees to acquire neobank 86 400 for AU$220 million

For more updates and latest tech news, keep reading iTMunch!

Image Courtesy: Shutterstock