SumUp acquires Lithuanian core banking firm Paysolut
Payments firm SumUp has acquired a long-standing partner, Lithuanian core banking provider, Paysolut.
SumUp has worked with Paysolut as business partners for the past two years. The firm calls its buy-up a “natural extension” of their cooperation.
Among its plans for Paysolut, SumUp wants the firm to expand its team and offer “a new level of quality products”.
The core banking vendor is running independently of its acquirer for now, with the original management team still in place.
“The main rationale of the deal is simple and strategy-driven,” says Dimitri Gugunava, tribe lead for merchant banking at SumUp.
“We want to keep building high-quality technological solutions in banking together. We are extremely happy that we could come to an arrangement with Paysolut and hope together we can create great value for our customers.”
The payments company gained an electronic money institution licence from the Bank of Lithuania in 2019. That same year it raised €330 million in funding, promising to grow its team across more than 15 countries.
Neither SumUp or Paysolut has disclosed the financial details of the acquisition.