SumUp goes overseas and starts to offer its payment service to South America
TA Ventures's portfolio company SumUp announced that it will start to offer its payment service in South America, with the initiative fuelled by new, strategic investment from BBVA venturess, the VC arm of Spanish banking giant BBVA. SumUp targets smaller businesses that may not have been able to take card payments in the past because the fees for doing so were too cost-prohibitive. And it’s most interested in markets where small businesses are big business. At the same time, SumUp is looking for markets where card penetration and smartphone usage are both still growing rapidly — giving them a chance to pick up customers who have not yet committed to using other solutions. BBVA will be able to tap into this to drive uptake for its own merchant services in this area — and crucially offer products that can be competitive to those of its banking rivals.
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