SumUp receives e-money licence from the Central Bank of Ireland

By Sunniva Kolostyak

SumUp has obtained an e-money licence from the Central Bank of Ireland, meaning the FinTech will be able to process payments and issue wallets across Europe through an Irish licence.

The licence means small businesses in Ireland will get access to SumUp’s products, which includes Covid-specific tools to navigate operating restrictions – but it also allows for European expansion.

SumUp, a global payments service provider, already holds licences to process payments and issue e-money wallets in Lithuania and the UK, but with the green light from the Irish financial services regulator, the company will be able to use the license for its ongoing activities in 26 countries across Europe.

Gareth Walsh, CEO Ireland at SumUp, commented: “Small businesses are the cornerstone of a healthy economy. Securing our licence during this critical time means that we can continue to empower those small businesses and help them succeed despite the challenges presented by the ongoing pandemic.”

SumUp has been active in Ireland since 2012, signing hundreds of thousands of independent businesses, including taxi drivers, independent merchants and food trucks, as clients. The payments solution has provided customers with access to electronic payments while increasing demand for SumUp’s easy-to-use payments technology as the number of merchants using SumUp’s solutions rise to over three million globally.

Walsh added: “Our core products allow our users to take remote and contactless card payments during lockdown situations, and so in a very real way, this licence will ensure Ireland’s entrepreneurs can keep trading and keep recovering.”

SumUp’s Irish office, based in Dublin – and which the company plans to grow further and continue investing in – will become a key regulated hub through which significant aspects of its business across the EU can be conducted.

Efforts by SumUp to future-proof the prospects of its three million global merchants included the introduction of payment links & invoicing options, a new e-commerce suite ‘SumUp Online Store’, and gift card collaborations with Google, Facebook and Instagram – solutions all designed to help business owners receive payments safely and continue trading in the face of uncertain economic circumstances.