The acquisition will enable both companies to offer essential payments and marketing automation services to small business owners across the US and globally. Following a EUR 750 million raise in March 2021, SumUp is executing on its commitment to international expansion. The acquisition is SumUp's first in the US and will provide the company with access to the more than 70 million consumer members and 12,000 small businesses within Fivestars's network, which currently drives over USD 3 billion in sales and 100 million transactions per year.
The fintech continually broadens its product ecosystem, most recently through revamping its Online Store offering for merchants. Solid footings across the US and South America will now be utilised as the expanded network, courtesy of the acquisition, sets about empowering American businesses.
Fivestars' San-Francisco-based team will remain in their roles and continue to operate Fivestars. SumUp's acquisition of Fivestars will result in expanded technology offerings for American small businesses that will help them save money on payments and make money through smart automated marketing.
The acquisition comes as merchants across the US look to new technologies to revitalise their businesses as the next normal sets in. During the pandemic, Fivestars helped small businesses who needed technology to help them drive sales and reach customers and with a shared goal of serving small business owners, SumUp will tap into Fivestars' local market expertise and trusted commerce network for its nationwide expansion.
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