Payment service provider SumUp has acquired Lithuanian mobile banking startup Paysolut for an undisclosed sum.
SumUp operates in 32 markets, serving more than 3 million corporate customers. SumUp has worked with Paysolut as business partner in Lithuania for the past two years, making the acquisition a natural extension of the partnership.
“As a provider of core banking solutions designed to empower growing businesses, Paysolut is a natural fit in terms of SumUp’s acquisition strategy,” the companies said in a statement.
Becoming part of SumUp will help Paysolut expand its highly qualified team and offer a new level of quality products. In terms of Paysolut’s future, SumUp intends for the company to run its business as usual.
Paysolut’s early investors included 70V and Open Circle Capital, along with angel investors.
“The main rationale of the deal is simple and strategy-driven, we want to keep building high-quality technological solutions in banking together. We are extremely happy that we could come to an arrangement with Paysolut and hope together we can create great value for our customers,” said Dimitri Gugunava, Tribe Lead – Merchant Bank at SumUp.
“The goal of each company is to grow and expand their services and markets. Becoming a significant part of a global player like SumUp gives us the opportunity not only to strengthen our products but also to present them to a significantly larger number of customers worldwide. We are happy that solutions created in Lithuania will become more important in the world. This also presents a tremendous opportunity for Paysolut current and future team members to grow and learn together with SumUp,” said Vytenis Pavalkis, co-founder, and CEO of Paysolut.
This acquisition is one of the latest steps in a series of strategic agreements SumUp has entered into to strengthen its product portfolio, including core banking and BaaS proposition, and penetrate markets driven by small retailers. Over the past two years, the company has acquired startups such as Debitoor, Shoplo and Goodtill. In 2019 SumUp was granted an electronic money institution license by the decision of the Board of the Bank of Lithuania and has invested heavily into growing its presence in Lithuania and its office in Vilnius.
