UK-based FinTech startup SumUp has unveiled its first business payment card to give merchants smoother access to funds and clearer oversight of their finances.
The SumUp Card, launched through a partnership with payments giant Mastercard, is hailed by the FinTech firm as a complete toolkit for UK small businesses owners.
Moreover, SumUp also said the card will guarantee next-day payouts. Merchants who take payment through SumUp readers will also see that money flow directly into their cards.
The card will be available in the UK, Italy, Germany and France at the launch. SumUp plans to extend the service into new territories in the next year.
“This is a small card for big ideas,” said Marc-Alexander Christ, co-founder of SumUp. “Since launching our first reader, we have been dedicated to empowering merchants so they can focus on making their business as successful as possible. We had this in mind when we designed our latest product, with the SumUp Card being a smart solution so we can continue being the driving force behind small businesses across the globe.”
Jason Lane, executive vice president, market development, Europe at Mastercard, added, “We are delighted to be building on our partnership with SumUp with the launch of a business card. This extended partnership brings more innovation to micro, small and medium-sized businesses offering a convenient way for them to pay and be paid using the simple, speedy and secure payment experience they’ve come to expect from Mastercard anywhere in the world.”
SumUp was founded in 2012. In the eight years since it has raised considerable investment rounds – most recently in a €330m investment round in July 2019 to support its global expansion plans – as well as partnered up with companies such as the Germany-based digital business bank Penta and UK challenger bank Starling Bank.
The scaleup’s backers include Bain Capital Credit, Goldman Sachs Private Capital, HPS Investment Partners and TPG Sixth Street Partners.
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