European point of sale provider SumUp acquires customer loyalty startup Fivestars for $317M

European point of sale provider SumUp acquires customer loyalty startup Fivestars for $317M

SumUp, a European-based competitor to Square, PayPal/iZettle and others that provide mobile-powered card readers and other sales technology to merchants and small businesses, has made an acquisition in the U.S. to dig deeper into that market, and to expand the kinds of services that it provides to customers globally. The company has acquired Fivestars, which provides loyalty, marketing, payments and other services to small merchants, used by some 70 million consumers and 12,000 businesses in the U.S.. London-based SumUp said it will be paying $317 million in a combination of cash and stock for the San Francisco startup. That is a bump up on the startup’s valuation as a private company. According to PitchBook, FiveStars — which was originally incubated in Y Combinator and later backed by VCs that included …
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