European mobile payments company SumUp has today rolled out its service in Brazil and opened a new office in São Paulo. The announcement follows an investment deal with multinational Spanish bank BBVA earlier this year.
Founded in Berlin and London in 2011, SumUp offers an app and card reader allowing merchants to accept credit cards with their smartphone or tablet in return for a transaction fee. It is now active in 12 countries.
“Entering the Brazilian market adds a brand new chapter to our growth story. Brazil is home to more than 22 million SMEs and micro-businesses, and thousands of new ones are started every day. Providing them with a simple and affordable way of accepting card payments will dramatically affect how they can grow their business – whether they’re city-based or in a remote rural area,” SumUp cofounder Jan Deepen said.
But it’s not the only mobile payments tackling the South American market, rivals – including Rocket Internet’s Payleven and Swedish company iZettle – have already taken their service to Brazil. With the upcoming FIFA World Cup 2014 and Summer Olympics 2016, it’s no surprise these companies are showing a particular interest (and hoping to cash in) on the market.
Image credit: featured image – flickr user emarquetti