Technology

European rival to PayPal and Square makes $317 million acquisition to expand in the U.S.

SumUp, a U.K.-based payment processor, has acquired marketing start-up Fivestars in a bid to expand its reach across the U.S. and take on giants like PayPal and Square. The company said Thursday it was buying Fivestars for $317 million in a mix of cash and stock. San Francisco-headquartered Fivestars helps merchants set up rewards schemes and promotions for customers. The deal gives SumUp access to Fivestar’s 12,000 customers and $3 billion in sales per year. Founded in 2012, SumUp is best known for its mobile credit card readers that let small businesses accept payments.

Read more : European rival to PayPal and Square makes $317 million acquisition to expand in the U.S.

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