European rival to PayPal and Square makes $317 million acquisition to expand in the U.S.

LONDON – European Sum-up, a UK-based processor, has secured the first five-day business on Fitstars to expand its reach in the US and acquire products such as PayPal and Square.

The company said China bought Fivestars for $ 387 million with a mixture of stocks and shares. Fivestars Headquarters in San Francisco helps clients create advertising and marketing programs for clients.

Established in 2012, Sum-up is best known for its small number of credit card students that allow young children to receive payments. The company offers several payment tools, including the ability of customers to start their online stores. More than three million merchants are registered in Europe, the U.S., and Latin America.

As the European United States began to expand, the controversy over these major players intensified. But Sum-up thinks there is enough space for different companies to stay together.

Andrew Helms, director-general of the U.S. and Sum-up.

Helms says the U.S. market has seen a change in usage during the outbreak of coronavirus, as well as payment options such as non-traditional marketing, as well as communication fees. Growing.

However, “we can easily imagine going back to the store with bricks and concrete” when Covid weighed the load and the people were reunited, he added.

Before negotiations with Sum-up, Fivestars raised $ 180 million and won support from sponsors including Lightspeed Venture Partners and Menlo Ventures, according to Crunchbase.

Sum up, meanwhile, has raised $ 1.4 billion since its inception. The company is backed by Goldman Sachs, Temasek of Singapore, and Bain Capital.

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