SumUp has confirmed plans to seek banking licences in the EU and the UK, marking its latest step in expanding from payments into wider financial services. The company, which already holds e-money licences in the UK, Ireland and Lithuania, intends to prioritise an EU application before turning to the more competitive British market.
According to TheBanker, SumUp currently serves over 4 million merchants across 36 countries, largely small and microbusinesses. Company representatives said that access to a banking licence would enable it to introduce additional services, particularly lending, which could be positioned at the centre of its relationships with merchants. They noted that many of its existing customers still use traditional banks, leaving scope for SumUp to expand its role in business finance.
Focus on small business lending
The push reflects a more general shift in UK and European business banking, where specialist and challenger institutions have gained significant market share. In the UK, smaller banks and non-traditional providers accounted for around two-thirds of lending to small and medium-sized firms last year, outpacing the country’s five largest lenders for a fourth consecutive year.
SumUp’s plans follow an earlier application for a banking licence in Brazil. Its management has also pointed to expansion opportunities in southern and eastern Europe, naming Spain, Italy and Poland as markets of interest.
Financial filings show that the company generated revenues of more than GBP 160 million in 2023, with a net profit of GBP 310,000. Alongside licence applications, the firm continues to prepare operationally for a potential stock market listing, though it has not provided details on timing or location. Officials from SumUp added that data generated from its payment processing activities could in future be used to assess creditworthiness and support faster lending decisions.
