London payments firm SumUp buys digital PoS fintech Goodtill
SumUp, the London-based mobile payments firm, has acquired Goodtill, a digital point-of-sale software provider, for an undisclosed amount.
The deal follows a series of others for SumUp in recent years. These include its 2018 acquisition of accounting and invoicing firm, Debitoor, and its 2019 acquisition of e-commerce firm, Shoplo.
In line with its product expansion strategy, SumUp’s latest purchase also follows a recent regulatory win. Earlier this month, it secured a new e-money license from the Central Bank of Ireland.
The fintech already has licenses in Lithuania and the UK. But with Brexit looming over many UK-based companies’ European operations, SumUp will use its Irish licence to do business in 26 countries across Europe.
Founded in 2021, Goodtill now processes transactions totaling more than £500 million each year.
It claims to have grown software-as-a-service (SaaS) revenues by 100%-year-on-year for the past three years.
It has some 1,200 customers in hospitality. Goodtill’s iPad-based PoS systems sit in more than 450 venues. These include cafes, restaurants, pubs, bars, nightclubs, offices, schools hotels, and major sports stadiums.
Many of these types of businesses have suffered massive drops in sales due to multiple nationwide lockdowns.
Goodtill’s product Goodeats, which helps cafes and restaurants collect money for delivery orders, has processed some one million transactions since it launched.
But this is still a drop in the ocean compared to its usual £500 million transaction rate, suggesting the start-up has struggled through lockdown.
Maximilian Stella, SumUp’s new ventures vice president, says the two firms have worked together “for many years as partners”.
During lockdown, SumUp has introduced payment links and invoicing options. As well as new online selling functionalities through its ‘SumUp Online Store’, and gift card collaborations with Google, Facebook and Instagram.
The fintech says more than 7,000 companies join its platform every day, serving a total of three million businesses globally. In 2019, its annual revenue grew to €200 million.
Founded in 2011, SumUp’s plan is to continue bolstering its portfolio with more products through acquisitions of smaller firms like Goodtill.