SumUp, the leading mobile point-of-sale (mPOS) company, today announced that it has reached profitability. The company has doubled its revenues in the last six months and is approaching $100 million in annual revenue. Launched four years ago, SumUp has disrupted the payment industry by offering card acceptance at a fraction of the cost of traditional solutions. Today, the company enables small merchants in 15 countries to accept card payments in a simple, secure and cost-effective way with a team of more than 300 people. By focusing on small businesses, SumUp targets the so-called long tail of the market, a space with tight margins where no other payment company has ever been able to make a profit.
“We are the world’s first company to prove that empowering small merchants with card acceptance can be a profitable business, despite tight margins in the long tail”, said Daniel Klein, CEO of SumUp. “By building our own hardware, payment gateway and merchant service business we have reduced the cost of owning a card acceptance terminal to a tenth in just four years. Nothing can stop us now and we will keep making card acceptance more and more affordable around the globe.”