SumUp acquires Lithuanian mobile banking platform Paysolut

Global payments player SumUp has acquired the Lithuanian-born core banking system provider Paysolut, according to a press release shared exclusively with Financial details of the deal were not disclosed.

The acquisition is the “natural extension” of a two-year partnership between the two companies. In 2019 SumUp was granted an electronic money institution license by the decision of the Board of the Bank of Lithuania and says it has since “invested heavily” into growing its presence there, as well as its office in Vilnius. 

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