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October 14, 2021Blog Posts

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

CNBC

SumUp, a U.K.-based payment processor, has acquired marketing start-up Fivestars in a bid to expand its reach across the U.S. and take on giants like PayPal and Square.

The company said Thursday it was buying Fivestars for $317 million in a mix of cash and stock. San Francisco-headquartered Fivestars helps merchants set up rewards schemes and promotions for customers. The deal gives SumUp access to Fivestar’s 12,000 customers and $3 billion in sales per year.

Founded in 2012, SumUp is best known for its mobile credit card readers that let small businesses accept payments. The company also provides other payment tools, including the ability for merchants to set up their own online stores. It has over 3 million merchants signed up across Europe, the U.S. and Latin America.

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