SumUp, the London-based fintech company that enables small businesses to take card payments via its device and online, has acquired “multi-channel” e-commerce platform Shoplo.
Terms of the deal aren’t being disclosed, while SumUp says the acquisition will enable it to expand its product suite to give SumUp merchants access to various online marketplaces, such as Facebook, eBay and Etsy. In addition, Shoplo’s tech will also help SumUp merchants create better-looking online storefronts.
“The acquisition of Warsaw-based company Shoplo, consisting of 30 employees, will provide SumUp with the template, technology, and expertise to expand the e-commerce area of its business, enabling it to offer a scalable solution that will allow its merchants to easily create their own online stores and sell on numerous e-commerce platforms in just a few clicks,” says SumUp.
More broadly, BBVA-backed SumUp started out offering functionality akin to Silicon Valley’s Square, and subsequently merged with Rocket Internet’s Square clone Payleven. However, the full SumUp product suite today encompasses accepting payments on-the-go or online, managing business at the point of sale, invoicing and bookkeeping, third-party integrations of payments, and other services via SDKs and APIs.
In part, this has been achieved through acquisition, including another recent purchase: Danish company Debitoor, an invoicing software platform originally established for freelancers and SMEs which will be integrated within SumUp’s user offering
Meanwhile, SumUp says these acquisitions are part of SumUp’s ambitious expansion drive as it attempts to create a one-stop-shop for businesses of all sizes. It has also been rumoured that the U.K. fintech has achieved ‘unicorn’ status — a valuation of $1 billion or more — which it also officially conforming today. The company claims its surpassed annual revenue of $200 million.
Adds Marc-Alexander Christ, co-founder of SumUp, in a statement: “From the shop-floor to the online checkout, SumUp is looking to be the first point-of-call to merchants globally. Every decision we make to expand our product suite is made with the consideration and feedback from our 1 million users worldwide”.