SumUp provides a mobile point-of-sale solution that enables businesses to accept card payments through a compact card reader connected to smartphones or tablets. This technology facilitates seamless transactions for merchants, enhancing cash flow and customer convenience in various retail environments.
Funding
$2.6B raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
AEBCBVBBP+9Founders
Product
Problem
Many small businesses face challenges in accepting card payments due to the complexities and costs associated with traditional point-of-sale systems, including binding contracts and monthly fees. This can limit their ability to serve customers and grow their business.
Solution
SumUp provides a suite of mobile point-of-sale (mPOS) solutions and financial tools designed to simplify payment acceptance for businesses of all sizes. The core offering includes a range of portable card readers that connect to smartphones or tablets, enabling merchants to accept chip & PIN and contactless payments anywhere. Beyond hardware, SumUp offers a free business account, online store builder, invoicing tools, and payment links, creating a comprehensive ecosystem for managing finances and facilitating sales. The platform emphasizes transparent pricing with no binding contracts, allowing businesses to pay only a small transaction fee when they take a payment.
Target Audience
The primary target audience includes small business owners, retailers, restaurants, and service providers who need a flexible and affordable way to accept card payments in-store, on the go, and online.
Features
- Portable card readers (Air, Solo) that connect via Bluetooth or built-in SIM card
- Accepts major debit and credit cards, including Visa, Mastercard, American Express, and Maestro
- Supports contactless payments via NFC, Apple Pay, and Google Pay
- Free SumUp app for managing transactions, sales history, and product catalogs
- SumUp Business Account with a free Mastercard for managing business expenses
- Online store builder for creating and managing an e-commerce presence
- Payment links for remote payments via email, SMS, or social media
- Invoicing tools for creating and sending professional invoices
- Reporting and analytics to monitor sales performance
- Optional POS Lite system with integrated hardware and software
- Subscription-based "Payments Plus" plan for reduced transaction fees