London-based payment service provider SumUp has acquired Paysolut, a Lithuanian core banking system provider for an undisclosed sum.

The acquisition will help Paysolut expand its team and offer a new level of quality products. In terms of Paysolut’s future, SumUp intends for the company to run its business as usual.

No changes to the daily operations and strategy of the company are foreseen, and the management team will maintain operational independence.

SumUp will also support additional resources so that Paysolut continues serving its customers.

SumUp said that the acquisition of the Lithuanian company aims to create even stronger technology-based banking solutions.

SumUp reportedly operates in 32 global markets, and has more than 3 million customers in various countries including Lithuania. SumUp has worked with Paysolut as business partners for the past two years, making the acquisition a natural extension of the partnership.

This acquisition is one of the latest steps in a series of strategic agreements SumUp has entered into to strengthen its product portfolio, including core banking and BaaS proposition, and penetrate markets driven by small retailers.

Over the past two years, the company has acquired start-ups such as Debitoor, Shoplo and Goodtill.

In 2019 SumUp was granted an electronic money institution license by the decision of the Board of the Bank of Lithuania and has invested heavily into growing its presence in Lithuania and its office in Vilnius.

“The main rationale of the deal is simple and strategy-driven, 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”

said Dimitri Gugunava, Tribe Lead – Merchant Bank at SumUp.

“The goal of each company is to grow and expand their services and markets. Becoming a significant part of a global player like SumUp gives us the opportunity not only to strengthen our products but also to present them to a significantly larger number of customers worldwide.

 

We are happy that solutions created in Lithuania will become more important in the world. This also presents a tremendous opportunity for Paysolut current and future team members to grow and learn together with SumUp.”

said Vytenis Pavalkis, co-founder, and CEO of Paysolut.