Goldman Sachs loans SumUp €750m for global expansion
Marc-Alexander Christ, Co-Founder of SumUp, said:
“As one of the fastest-growing technology companies in the world, this cash injection - in addition to having the built-in option to expand the financing - will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services to support our merchants globally.”
Digital payments: Competing in the new normal
The COVID-19 pandemic has caused an appreciable uptick in the development of mobile and digital payments, which have found renewed value in terms of hygiene (contactless) and next-gen utility (e-commerce).
SumUp’s presence in 33 global markets, its high-profile backers like AmEx, in-house-developed software and hardware, and EMV (Europay, Mastercard and Visa) mPOS system have earned it a solid industry lead. However, competition from the likes of and its parent company has never been far off.
To stay ahead, SumUp has been engaged in relentless brand development. This has included:
The company currently employs over 2,000 people and is the payment solution provider of choice for over three million merchants.
"We have huge admiration for what SumUp is doing for small businesses across the world in helping them to keep trading and flourishing in some of the most trying economic circumstances imaginable," commented Tom Maughan, Managing Director at Bain Capital Credit.
"The doubling down of our investment in SumUp in this round is both a demonstration of our confidence in the company today and its strong future.”
Transforming cities with finance
Peter O'Halloran, Vice President and General Manager of Global Digital Commerce at Fiserv, believed that ordinary aspects of daily life such as city transport could become a wholly different experience:
“We're seeing a huge move towards integrated payment solutions across multiple transport networks. A big driver for that is the need to consolidate data, make it easy to manage, and ultimately make it easier for citizens to pay.
“So, instead of having to apply and register for specific cards for each transport network, it's now possible to pay through entirely contactless methods in a number of cities, such as London.”
As a leading facilitator of card and digital payments solutions, it will be fascinating to see how SumUp contributes towards this vision in what’s already proving to be a standout year for fintech.
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG