Global payments service provider SumUp confirmed it has received a new e-money license from the Central Bank of Ireland, the country’s financial services regulator, according to a press release.
In addition to its existing licenses in Lithuania and the U.K. SumUp will now process payments and issue e-money wallets via the Irish license for ongoing activities in 26 countries across Europe. SumUp’s Irish office, based in Dublin will become a key regulated hub for businesses across the EU.
Since 2012, SumUp has helped hundreds of thousands of independent businesses in Ireland, from food trucks to taxi drivers, take electronic payments. An increase in demand for the company’s easy-to-use payments technology has brought many merchants to its door.
The new license will also enable Ireland’s small businesses to benefit from SumUp’s full range of products to help businesses navigate the operating restrictions brought about by the COVID-19 pandemic.
SumUp has also introduced its payment links and invoicing options to businesses as well as a new online e-commerce suite ‘SumUp Online Store’, and gift card collaborations with Google, Facebook and Instagram.
“Small businesses are the cornerstone of a healthy economy. Securing our license 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,” Gareth Walsh, CEO Ireland, SumUp said in the press release. “Our core products allow our users to take remote and contactless card payments during lockdown situations, and so in a very real way, this license will ensure Ireland’s entrepreneurs can keep trading and keep recovering.”