The milestone marks a pivotal moment in the company’s journey of helping merchants start, run, and grow their businesses - underscoring SumUp’s rapid growth across multiple markets. With a merchant-centric approach, SumUp ensures business owners have the tools to support their enterprises.
SumUp’s payments business is just one part of a multi-product ecosystem, delivering significant value to merchants through a range of solutions, which in turn drive growth and diversify revenue across various divisions. The offering has expanded significantly over the past decade, evolving from a focus on payments to a comprehensive, multi-pillar solution that includes payments, business accounts and cards, and advanced business software.
In 2024, SumUp has over 1 million customers now using SumUp Business Account, signifying multi-product adoption across its growing product suite. SumUp forecasts significant growth in the coming years, fuelled by its continued expansion in its 36 existing as well as new markets, as well as its focus on strategic M&A opportunities.
With its merchant base increasingly using multiple products in the SumUp ecosystem, the company remains focused on creating scalable, long-term value by continuously investing in product innovation and operational efficiency.
Expanding Global Reach With Tailored Solutions
As part of its long-term strategy, SumUp has been continuously diversifying its offerings, and introducing new products and services for businesses around the world. In recent years, SumUp has launched licensed banking services in Brazil and expanded its Business Account and Cash Advance services in even more countries.
The diversification into financial services provides a strong foundation for continued growth, with further market expansions planned for late 2024 and 2025.
SumUp's launch in Australia opened new doors for scaling operations globally, with the company focusing on expanding its ecosystem offering across ever more markets. SumUp also continues to expand its presence in the Americas and Europe.
Multi-Pronged Growth Strategy + M&A
SumUp’s growth has been driven by three key areas: payment processing, software revenue, and business account services. While the payments business remains the largest contributor, the company is also experiencing strong demand for its SaaS and financial management solutions, which empower merchants to efficiently manage and scale their businesses.
Previous acquisitions, such as Fivestars, Goodtill, and Tiller Systems, further underscore SumUp's commitment to building a comprehensive ecosystem that goes beyond payments. These acquisitions allow the company to integrate cutting-edge software solutions and loyalty programs, offering merchants a full-service financial services platform.
This strategy has proven successful for SumUp during the past decade, focusing on quick market rollouts, seamless integration, and the development of category-leading products in-house.
Financial Strength + Profitability
SumUp has been EBITDA-positive since Q4 2022 and consistently improved its margins throughout 2023. The company remains committed to reinvesting its earnings into business development, ensuring continued growth while maintaining profitability. As the fintech landscape evolves, SumUp’s strong financial position has also attracted interest from enterprise clients, and the company is well-positioned to act as a consolidator in its markets.
IPO Considerations + Long-Term Vision
Although SumUp is often discussed in the context of a potential IPO, the company emphasises that an initial public offering is not considered in the short term. SumUp will continue delivering best-in-class products to its over 4 million merchant base globally, crossing additional milestones in transaction volume, profitability, and market expansion.
While an IPO remains a possibility, the company is in no hurry, confident that its growth and profitability can be achieved on its current trajectory.
SumUp CFO Hermione McKee: “SumUp is focused on creating sustainable value and exploring various strategic opportunities, and having reached the point of positive operating cash flow, we have many options available to us. Our priority is growing the business and continuing to innovate for the benefit of our merchants for the long-term, rather than rushing toward a public listing.”
