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

Global payments service provider SumUp has confirmed it has received a new e-money licence from the Central Bank of Ireland, the country’s financial services regulator.

Alongside existing licences in Lithuania and the UK, SumUp will now process payments and issue e-money wallets via the Irish licence, for its ongoing activities in 26 countries across Europe.

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.

SumUp has been active in Ireland since 2012, having already helped hundreds of thousands of independent businesses in the country take electronic payments in that time, from food trucks to taxi drivers, while the increasing demand for the company’s easy-to-use payments technology has seen the number of merchants using SumUp’s solutions rise to over three million globally.

The new licence enables Ireland’s small businesses to benefit from SumUp’s full range of products, including a host of new solutions and innovations which were launched earlier this year to help businesses navigate the operating restrictions brought about by the COVID-19 pandemic.

Efforts by SumUp to future-proof the prospects of its three million global merchants included the introduction of payment links & invoicing options, a new eCommerce 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.

Gareth Walsh, CEO Ireland at SumUp, comments: “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. 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”.

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