SumUp to give 1% of revenues back to the planet
By Joy Dumasia
SumUp has announced its decision to join 1% for the Planet and commit 1% of future net revenues to environmental causes such as preventing deforestation, building renewable energy infrastructure, practising regenerative organic agriculture, conserving water, diverting waste, and creating more sustainable materials.
SumUp’s vision is to create a world where small merchants can be successful doing what they love. Over the past ten years, the company has become a leading financial services company, building a global network of over 3.5 million merchants and partners throughout Europe and the Americas.
SumUp is now leveraging its success to play a leading role in protecting our environment. By dedicating a portion of revenue to support environmental causes, SumUp will provide much needed financial support to develop impactful, long-term solutions to improve the world we live in.
SumUp’s announcement comes amid a successful year of innovation, expansion and growth for SumUp. The company recently bolstered its US expansion plans through its $317 million acquisition of Fivestars, which provides loyalty, marketing, payments and other services to thousands of small merchants in the US. The acquisition came after an $895 million debt raise in March of this year.
Marc-Alexander Christ, the Co-Founder of SumUp, said: “It is our duty as individuals and organisations, not only for ourselves but especially for our youth and future generations, to take action. We believe that our mission of serving small merchants includes an obligation to help protect the world they live in. We are grateful we are in a position to be able to pledge a portion of our net revenues to environmental organisations, and we hope it’s only the beginning. Ideally, SumUp’s pledge will inspire other technology companies to increase their efforts to protect the environment we all share.”
Kate Williams, CEO of 1% for the Planet, said: “Currently, only 3% of total philanthropy goes to the environment, and only 5% of that comes from businesses. The Planet needs bigger support than this, and our growing network of business members is doing its valuable part to increase giving and support on-the-ground outcomes. We’re excited to welcome SumUp to our global movement.”
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