Paysolut to operate as an independently managed organisation, with access to SumUp’s three million customer-base across 32 markets
UK-based mobile payments firm SumUp has acquired Lithuanian core banking system provider Paysolut for an undisclosed amount.
Paysolut provides core banking software, which enables its clients to provide financial services including cross-border payments, IBAN issuing, and currency exchange.
Upon closing the transaction, Paysolut will operate as an independently managed organisation.
The company will gain access to the additional strength of SumUp’s three million customers across 32 global markets.
Paysolut co-founder and CEO Vytenis Pavalkis said: “Becoming a significant part of a global player like SumUp gives us the opportunity not only to strengthen our products but also to present them to a significantly larger number of customers worldwide.
“This also presents a tremendous opportunity for Paysolut current and future team members to grow and learn together with SumUp.”
Paysolut has previously worked with SumUp for more than two years.
With the acquisition, the companies are expected to work together to build strong tech-based banking solutions and have an enhanced impact on the future of fintech.
SumUp merchant bank tribe lead Dimitri Gugunava said: “The main rationale of the deal is simple and strategy-driven, we want to keep building high-quality technological solutions in banking together.
“We are extremely happy that we could come to an arrangement with Paysolut and hope together we can create great value for our customers.”
In the last two years, SumUp acquired start-ups such as Debitoor, Shoplo and Goodtill.