Global fintech Adyen has joined forces with SumUp to enable faster payment settlements for small businesses across multiple markets.
The partnership will see SumUp build on its existing near-instant settlements offering for its merchants and scale this to benefit small and medium-sized enterprises (SMEs) in Europe and the UK.
Marc-Alexander Christ, Co-Founder and COO at SumUp, stated: “Over the last 10 years, we established the de facto market standard for card acceptance and financial technology for merchants in 36 markets.
“This partnership will allow us to keep pushing boundaries and continue providing our merchants with the best solutions to manage their business, be it payments, software or financial services. We are excited to amplify our ecosystem of tools and services for small, medium and even enterprise merchants.”
Through the expansion of accelerated settlements in cooperation with Adyen, SumUp will provide more of its users with access to same day settlements. This enables SMEs to receive funds within minutes rather than within days after a sale.
Furthermore, this initiative provides SMEs with faster access to funds, reducing the need for large working capital reserves and addressing critical cash flow needs.
Alexa von Bismarck, President EMEA at Adyen, added: “This partnership is one of a kind as we join forces as major payments players to give SMEs the ability to settle at incredible speeds.
“Cash flow is of the utmost importance for small business owners, and we are proud of being selected by SumUp as their partner on this mission.”
