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SumUp Acquires Lithuanian Fintech Paysolut

February 2, 2021

Global payments player SumUp has acquired the Lithuanian-born core banking system provider Paysolut.

The acquisition of the Lithuanian company aims to create even stronger technology-based banking solutions. The acquisition amount is undisclosed.

Operating in 32 global markets, and serving more than 3 million company’s customers in various countries of the world, as well as in Lithuania, SumUp has worked with Paysolut as business partners for the past two years, making the acquisition a natural extension of the partnership. As a provider of core banking solutions designed to empower growing businesses, Paysolut is a natural fit in terms of SumUp’s acquisition strategy.

Becoming part of SumUp will help Paysolut expand its highly qualified team and offer a new level of quality products. In terms of Paysolut’s future, SumUp intends for the company to run its business as usual. No changes to the daily operations and strategy of the company are foreseen, and the management team will maintain operational independence. SumUp will support additional resources so that Paysolut continues serving its customers at even greater capacity than before.

Source: tech.eu