SumUp teams with BancoEstado for cool mobile card deal in Chile
SMEs in Chile have just won a new ally when it comes to making it easier to accept mobile card payments. The country’s largest national bank, BancoEstado de Chile, has partnered with SumUp to launch a joint venture (JV) that will give Chilean businesses the ability to offer “anytime, anywhere” mobile card acceptance without fees or contracts, reports David Penn at Finovate (Banking Technology’s sister company).
The JV, branded Compraqui (i.e. buy it), will be based in Santiago de Chile and leverages SumUp’s success in developing mobile point of sale (mPOS) solutions for more than 30 markets in Europe and the Americas.
The companies believe that the combination of SumUp’s technology and BancoEstado’s history of providing financial services to Chile’s SME community will boost the number of card acceptance points to 1.5 million in the next three years.
According to BancoEstado general manager Jessica López Saffie, the need for card acceptance solutions in Chile for small businesses is significant. “Together we address more than 600,000 SMEs and 1.2 million sole proprietors who currently cannot accept card payments,” she says, adding that the bank chose SumUp as a partner after a careful examination of the competition.
“We ran a comprehensive selection process, evaluating many card acceptance solutions,” López Saffie explains. “With a proven business model and a market-leading end-to-end card acceptance solution providing highest security standards, SumUp came out at the top of this process.”
Founded in 2011 and headquartered in the UK, SumUp unveiled its new online payments suite this summer, which added the ability to accept payments via SMS; a virtual terminal to enable online, CNP transactions; as well as a set of APIs and SDKs for additional payment integrations.
SumUp has more than $100 million in annual revenue, processes more than 100,000 card transactions daily, and says 2,000 new businesses joining its service every day. With more than $44 million in total funding, SumUp includes Life.SREDA and BBVA Ventures among its investors.