Mobile payment companies SumUp and Payleven have signed a deal to merge into a single company.
Both companies' products will continue to operate, under the SumUp name, bringing together SumUp's end-to-end hardware and payment platform with Payleven's merchant acquisition capabilities.
The merged company expects to process more than €1bn annually, with operations in 15 countries.
“Today's announcement is a game-changer for the mobile payments industry,” said Daniel Klein, founder of SumUp and CEO of the merged group. “It is another step towards delivering on our vision of creating the first ever global card acceptance brand. We could not think of a better partner for this step than Payleven with their impressive sales power. We have a ton of hard work ahead of us but combining our forces will allow us to unlock growth potential and further extend the products and services we offer to our merchants.”