Global payments player SumUp has acquired the Lithuanian-born core banking system provider Paysolut. Financial details of the deal were not disclosed.
The acquisition is the “natural extension” of a two-year partnership between the two companies. In 2019 SumUp was granted an electronic money institution license by the decision of the Board of the Bank of Lithuania and says it has since “invested heavily” into growing its presence there, as well as its office in Vilnius.
At the same time, the UK company has pursued a strategy of building up its core banking offering and penetrating markets driven by small retailers. Over the past two years, SumUp has acquired the accounting software Debitoor, e-commerce tool Shoplo and POS software Goodtill.
All that said, it will be business as usual for the Baltic startup, which was founded in Vilnius and is now headquartered in London. No changes to Paysolut’s daily operations or strategy are foreseen, and management will maintain operational independence. But with SumUp’s support, the company will expand its team and “offer a new level of quality products” with a more global reach.
“We are happy that solutions created in Lithuania will become more important in the world,” said Vytenis Pavalkis, Paysolut’s co-founder and CEO.
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