To summarize (www.sumup.co.uk), the global payment services provider based in London with more than 2,800 employees on three continents, today announces the acquisition of Fivestars (www.fivestars.com), the United States’ largest two-way local trade network that combines a marketing platform with integrated payments, for $ 317 million in cash and stocks. The acquisition will allow the two companies to provide essential payment and marketing automation services to small business owners in the United States and around the world.
After an increase of 750 million euros in March 2021, one of the largest [debt] financing for any privately funded startup in Europe, SumUp – which has grown since 2012 to support more than three million merchant users in 34 markets – is carrying out its commitment to international expansion. The acquisition is SumUp’s first in the United States and will give the company access to the more than 70 million consumer members and 12,000 small businesses of the Fivestars network, which currently generates more than $ 3 billion in sales and 100 million transactions per year.
?? SumUp is a market leader because of our support and confidence in small businesses. Our global trading community has battled bottlenecks and volatility and we are confident this acquisition will further boost the US small business economy. Now is the time to make sure our presence is as strong in the US as it is in Europe and, by acquiring Fivestars, SumUp will offer US-based merchants as well as other international markets. noted Marc-Alexandre Christ, Co-founder of SumUp.
Victor Ho, co-founder and CEO, Five stars said : ? We founded Fivestars to give small businesses the opportunity to thrive in the digital economy and over the years we have achieved this. Understanding that SumUp shares this mission, it was an easy decision to partner up, and together we look forward to supporting a retail market that champions small business success.
SumUp’s exponential growth has been sustained through relentless innovation. The fintech giant is continually expanding its product ecosystem, most recently by revamping its online store offering for merchants, and the European fintech leader is now broadening its global ambitions. A solid foundation across the United States and South America will now be used as the expanded network, through the acquisition, sets out to empower American businesses.
Five stars?? The San-Francisco-based team, including its CEO and co-founder, Victor ho, will remain in office and continue to operate Fivestars. SumUp’s acquisition of Fivestars will result in extensive technology offerings for small businesses in the US that will help them save money on payments and earn money through smart marketing automation.
The acquisition comes as merchants across the United States look to new technology to revitalize their businesses as the next normal sets in. During the pandemic, Fivestars became a lifeline for small businesses that needed technology to help them generate sales and reach customers and with a common goal of serving small business owners, SumUp will tap into Fivestars? ? local market expertise and trusted commercial network for its nationwide expansion.
SumUp is a financial technology company that enables businesses of all sizes to receive payments quickly and easily, both in-store and online. Named as the fastest growing company in Europe in the Inc. 5000 ?? group, SumUp supports over 3 million merchants worldwide and operates in 34 markets in Europe, USA, Brazil and Chile. With card terminals and online services used by businesses of all sizes, from DHL to black cab drivers, SumUp is the partner of choice for small businesses of all walks of life.
With SumUp, Europe’s leading mobile point of sale (mPOS), merchants can accept credit and debit cards, using their smartphones or tablets, easily, securely and cost-effectively. SumUp’s mobile card acceptance solution is based on proprietary end-to-end EMV payment technology, terminal hardware and mobile applications.
SumUp’s 100% digital enrollment, fast delivery, and quick and easy setup means merchants can benefit from digital transactions within minutes of receiving their card terminal.
For SumUp Media Inquiries
Benjamin Webb / Connor Batty
0044 7930 408 224/0044 7733 117 960
Fivestars is the largest local commerce network in the United States, generating over $ 3 billion in sales and 100 million transactions per year. Our mission is to help businesses and communities thrive by turning every transaction into a relationship. We offer vertically integrated payments, loyalty, and a marketing automation platform that brings more customers to local businesses. Founded in 2011, Fivestars is backed by Lightspeed, DCM, Menlo Ventures, HarbourVest, Salt Partners, Y-Combinator and others. Together, let’s do a #LoveLocal.
- Contact details
- Kayla abbassi
- Media contact
- VSC for Fivestars
- [email protected]
This news content may be incorporated into any legitimate news gathering and publication effort. Linking is allowed.
Press release distribution and press release distribution services provided by WebWire.