FinTech: SumUp offers Fivestars for $ 317 million to expand into the United States

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British FinTech SumUp, specializing in payment services, on Thursday announced the buyout for $ 317 million of Fivestars, billed as “The largest local trade network” in the USA. This is the first acquisition of SumUp across the Atlantic, specifies the group in a press release, which “Will provide access to the more than 70 million customers and 12,000 small businesses of the Fivestars network, which currently generates more than $ 3 billion in sales and 100 million transactions per year”. It comes in the wake of a recent fundraiser by 750 million euros carried out mid-March.

“An expanded technological offer for small American businesses”

« SumUp is now implementing its ambition of international expansion ”, is it underlined in the press release. “We founded Fivestars to give small businesses the opportunity to thrive in the digital economy (…) SumUp sharing the same ambition, the decision to partner was easy to take”, commented Victor Ho, co-founder and CEO of Fivestars. The two companies emphasize that the takeover will allow to offer “An expanded technological offer for small American companies”.

SumUp, founded in 2011 and based in London, manufactures small connected bank card readers for merchants, artisans and micro-businesses, and offers in-store and online payment solutions.



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