Mobile payments company SumUp has acquired the Lithuanian banking system provider Paysolut for an undisclosed amount.

SumUp services three million customers in 32 global markets and has worked with Paysolut for two years.

SumUp's representatives said that the acquisition aims to enable stronger technology-based banking solutions, that Paysolut is a natural fit in terms of SumUp’s acquisition strategy, and the acquisition will help Paysolut expand its team and offer an improved level of products.

The mobile payments company said they intend for Paysolut to run its business as usual, that the management team will maintain operational independence, and that no changes to the daily operations and strategy are foreseen.

SumUp said they will provide additional resources to enable Paysolut to serve its current customers at even greater capacity.

This acquisition is the latest in a series of purchases over the past two years including start-ups such as Debitoor, Shoplo and Goodtill.

In 2019, SumUp surpassed €200 million in annual revenue and was named as Europe’s fastest-growing company in the ‘Inc. 5000’ with over 7,000 companies joining its platform every day.

The Board of the Bank of Lithuania granted SumUp an electronic money institution license in the same year, and SumUp have invested heavily into growing their Lithuanian presence.

Dimitri Gugunava, merchant banking tribe lead at SumUp, said: "The main rationale of the deal is simple and strategy-driven, we want to keep building high-quality technological solutions in banking together."

He added: "We are extremely happy that we could come to an arrangement with Paysolut and hope together we can create great value for our customers".

"The goal of each company is to grow and expand their services and markets," said Vytenis Pavalkis, co-founder, and chief executive at Paysolut. "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."

He added: "We are happy that solutions created in Lithuania will become more important in the world. This also presents a tremendous opportunity for Paysolut current and future team members to grow and learn together with SumUp.”

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