Two Berlin-based "mobile payment" specialists merge
Background "Mobile payment" reading devices simplify cashless payments made using debit and credit cards, for the customers and operators of small businesses alike.
The deal SumUp and Payleven are the companies that produce those reading devices. Now, they are about to merge and the combined company will do business under the established name of SumUp. Each year, the new company processes over EUR 1 billion in a total of 15 countries. IEG Investment Banking Group acted as exclusive financial advisor to Payleven.
The partners Both SumUp (founded in 2011) and Payleven (2012) have their headquarters in Berlin and manufacture card-readers for mobile points of sale. Both companies are active in many European countries and beyond (such as Brazil).
The prospects SumUp is a company that leaves us in no doubt at all. Its stated aim is "to become the leading global brand for card acceptance."