SumUp, fintech leader in digital payments and cashless solutions, announced the acquisition of Fivestars for a total amount of 317 million dollars. Fivestars is the largest American local commerce network and combines an integrated marketing and payments platform. Thanks to the acquisition, companies will be able to offer payment solutions and marketing automation services to small business owners (both in the US and in other international markets).
SumUp announces the acquisition of Fivestars
SumUp continues to grow and today supports over 3 million users in 34 international markets. The acquisition of Fivestars therefore falls within the the company’s international expansion program. The operation is, in fact, lat the first acquisition of SumUp in the United States. Thanks to this acquisition, SumUp will provide its services to over 70 million consumers and 12,000 small businesses in the Fivestars network.
The comment of the companies
Marc-Alexander Christ, co-founder of SumUp, points out: “SumUp is the market leader thanks to the support and trust it provides to small businesses. Our global trading community has struggled with lockdowns, restrictions and instability due to the pandemic; we are confident that this acquisition will give additional energy to small US companies, whose economy is recovering “
Victor Ho, co-founder and CEO of Fivestars, with regard to the acquisition announced in these hours, he adds: “together we will commit ourselves to supporting the retail market and promoting the success of small businesses”.