Hitherto rather low-key, SumUp is a UK-based fintech that offers payment solutions to businesses, in stores and online. It is best known for having created a range of boxes allowing payment by bank card, but more compact and less expensive than traditional payment terminals. They are particularly dedicated to mobile use.
It therefore targets companies such as taxi drivers, personal services (e.g. hairdressers at home), or craftsmen and small businesses, but it also counts among its customers companies such as DHL in Germany, Axa Bank or again La Poste Mobile.
“Our leading product targets in particular merchants and SMEs / VSEs to whom banks do not offer terminals. We therefore allow these small businesses to access the digitization of payments“, recalls Laure Faretti, head of development France. The profile of a user is the typical profile?”A man or a woman – equally – between 44 and 55 years old, often in professional retraining. Our target are business creators“.
A commission deducted from each transaction
SupUp comes in the form of a small box available in two formulas. The first, the SumUp Air, can accept all bank cards using a smartphone connected in blutooth and equipped with an application acted as cash register software. The second, more upscale and called SumUp 3G, is autonomous, does not require a smartphone and is simply connected to a printer.
Registration is done entirely online, and the user pays the box. Once received, a quick and easy setup allows merchants to complete digital transactions within minutes of receiving their card payment terminal. The activation of the account is immediate, with in parallel a data verification to avoid any fraud. The solution integrates with foodservice and retail software, such as Wix.
SumUp is paid a commission taken on each transaction. In the event of inactivity, it therefore has no costs. Among the other advantages of the solution, the absence of a minimum cap, which is “a blocking factor for consumers“, notes the manager.
A toolbox beyond payment
Created in 2011 by Daniel Klein and Marc Christ, the start-up is now shared between London and Berlin, where the marketing and product teams are based. It is also well established in Brazil, its largest global market, as well as in Warsaw and Copenhagen since the respective acquisitions of the Shoplo and Debitoor companies in 2019. In Europe, Italy is in the lead.
The period of Covid-19 was trying for the teams, put in partial activity for a while. The containment measures have led to the drop in the use of its boxes, as well as the restriction of movement of certain professions. But the increase in card payments and contactless payments allowed, after a return of the teams to 100%, to record a good recovery this summer.
The teams have set up and in a limited time new products such as the clickandcollect or the e-shop, which allows an entire catalog to be associated. The start-up has also launched the SumUp card, allowing the issuance and receipt of payments, which complements existing solutions.
“Tools such as invoice editing or the e-shop are free, with a commission during payments. We want to offer our customers a centralized complete toolbox“, summarizes Laure Faretti. SumpUp is also working on”a new box that will be adaptable and customizable, with a full portfolio of featuresThe company also offers a POS (Point of Sale,) solution with cash register software, or even payment by link via WhatsApp and SMS for example.
200 million euros turnover in 2019
She wants to convince more and more professionals faced with a clientele that uses less and less cash payment, convenience and sanitary conditions that do not have cash on them. The company, which grew by 30% last year, hopes to regain its growth level of previous years, ie 100%. SumUp, which is listed according to the study ‘Inc. 5,000 ‘among the fastest growing fintechs in Europe, claims 2 million traders worldwide. FinTech operates in 33 markets, mainly the Americas and Europe. The reported annual turnover of 200 million euros dates back to 2019. “We want to be the preferred company for small entrepreneurs“, concludes Laure Faretti.
If the company says that word of mouth works well, it is working on brand awareness, with the launch of multi-channel campaigns, one of which is broadcast on French television, and local teams deployed by market, at the same time. both for marketing and salespeople in the field. It now aims to expand into the Benelux and Scandinavian countries, and has just entered the Chilean and Colombian markets. It raised 330 million euros in 2019, then 100 million last year, and plans a new round of funding in 2021.