SumUp, the global FinTech firm that supports over four million merchants around the world, has unveiled personal accounts for consumers, its biggest push into consumer finance so far.
The new account, which is free and can be set up in under five minutes via the SumUp App, gives users up to 5% cashback when they shop at businesses within SumUp’s merchant network, along with fee-free spending worldwide, instant transfers and money management features.
It is available at launch in the UK, Ireland, Germany, France, Italy and Spain, and signals the company’s shift from being purely a merchant payments specialist to a financial ecosystem covering both businesses and their customers.
According to the company, this is the first consumer financial product built to reward purchases made directly at small and medium-sized enterprises. Shoppers earn 5% back when spending at any of SumUp’s four million-plus merchants, 2% at supermarkets and 0.5% on all other transactions, with loyalty perks also embedded at participating outlets. With merchants spread across 38 markets, SumUp believes it is well placed to link consumer finance with merchant payments in a way that keeps money flowing through local economies.
The account comes with tools designed to help people take control of their finances, including spending insights across linked accounts and budgeting features called Spaces and Shared Spaces. Everyday payments are handled through instant bank transfers, bill splitting, scheduled payments and direct debits, with both physical and virtual cards on offer. Security is built in through touch and face ID. The SumUp Mastercard carries no fees on overseas spending and no hidden charges abroad.
The company said the launch is the first step in a wider consumer roadmap, with additional products and market expansions planned.
SumUp global head of consumer Joseph Flynn said, “SumUp’s personal account offering represents the next stage in the development of our consumer offering – giving people a complete money management experience built around the businesses they already spend with.
“Connecting directly with the independent businesses in the SumUp network, the personal account gives consumers something unique – real rewards for supporting the businesses they already love. The SumUp personal account enables consumers to spend smarter, budget better and earn rewards on everyday purchases – with no hidden fees, ever.”
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