Feb 3, 2021

SumUp acquires core banking fintech Paysolut

Joanna England
3 min
SumUp acquires core banking fintech Paysolut
London-based SumUp has worked with Paysolut since early 2019...

The global mobile payments service fintech, SumUp, has acquired the Lithuanian core banking system provider Paysolut for an undisclosed sum, as part of a growth strategy for both companies.

SumUp was founded in 2012 and supplies card terminals which are used by more than three million businesses globally. In 2019, the company also surpassed an annual revenue of €200mn.

Paysolut has been a partner of Paysolut for the past two years. The Baltic startup launched in 2017 in Vilnius and helps make cross-border, P2P, and P2M payments simple, enabling businesses to save money and launch faster by acting as the single vendor for the software, partnerships, and an interim payments institution license.

The 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 to penetrate markets driven by small retailers.

In the past 24 months, the company has acquired several startups including Debitoor, Shoplo and Goodtill. In 2019 SumUp was also 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.

Business as usual for Paysolut

Paysolut’s strong portfolio of services which helps fintech companies to save money and launch faster into the financial services market, won’t be affected by the acquisition.

According to both parties, Paysolut’s daily operations or strategy will remain as they are, and management will maintain operational independence. 

However, SumUp’s will support the company, enabling it to expand its team and “offer a new level of quality products” with a more global reach. Spokespersons for SumUp explained that the acquisition of Paysolut will develop better technology-based banking solutions. 

SumUp solutions

The idea for SumUp was conceived in 2011 and realised a year later when investors including American Express, BBVA Ventures and Groupon threw their weight behind the enterprise. Initially, the operation was based in Berlin, later on moving to London. 

SumUp now operates in 32 markets worldwide and serves an estimated three million customers. Paysolut came on board as a partnership company to provide core banking solutions to SumUp’s growing network of users.

The company enables businesses of all sizes to receive payments quickly and easily, both in-store and online. Named as Europe’s fastest-growing company in the ‘Inc. 5000’, SumUp has over 7,000 companies joining the platform every day. 

It is hoped the acquisition will enable both companies to create a new level of products and operate at a greater capacity.

Dimitri Gugunava, Tribe Lead – Merchant Bank at SumUp, explained, “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.”

The deal will expand the reach and capacity of Paysolut, enabling them to significantly increase their market potential. “The goal of each company is to grow and expand their services and markets,” said Vytenis Pavalkis, co-founder, and CEO of Paysolut.

He continued, “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.” 

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Jun 24, 2021

NFT Marketplace Rarible Raises US$14.2m

2 min
NFT marketplace Rarible has raised fresh capital to create user-friendly developments and launch an additional marketplace on the Flow blockchain

Non-fungible token (NFT) marketplace Rarible has announced that they’ve closed a US$14.2m Series A from Venrock Capital, CoinFund and 01 Advisors

Alongside the funding announcement, Rarible has shared that they’ve officially partnered with NBA Top Shot maker Dapper Labs to bring their NFT marketplace to Dapper’s Flow blockchain. Dapper Labs has begun building out a wider coalition of NFT platforms on its proprietary blockchain which is more energy-efficient and less costly than transactions on the Ethereum network. 

To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.

“In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain,” Rarible said. 

According to the company, last June, 6 months post-launch, total trading volume on Rarible hit the $28,000 mark. By June 2021 it grew by a mind-blowing 3000x, reaching $150 million in total sales. 

“Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the co-founder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”

User-friendly developments 

In a blog post the company says they hope to use this funding to explore more user-friendly developments like accepting credit card payments. “We need a world where an indie creator can effortlessly create an NFT and sell it for $5 to his community of supporters, as well as where a pop icon can use NFTs to establish close contact with her multi-million audience in a sustainable way.”

Rarible has a lot underway in the upcoming few months, including the launch of Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, multiple partnerships and drops, and more. Many projects are already working on integrations with Rarible protocol, such as the partnership with one-click NFT creator S!NG that allows users to mint and put their NFTs on sale with no costs involved.

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