Mobile point of sale (POS) platform SumUp has teamed up with UK challenger bank Starling Bank to support faster payouts to SMEs in the UK.
SumUp supplies small business merchants around the world with card terminals, empowering them to receive payments quickly, both in-store and online. Its technology is used by more than 1.5 million users, accessing card and mobile payments with a 1.69 per cent transaction fee.
There are two terminals available, one which uses a free accompanying app or one which does not.
Starling Bank is helping FinTechs like SumUp by offering them access to key payment schemes and a full bank offering via an API.
Currently, merchants using SumUp must wait two to four days for a payment to clear through. However, through Starling, its UK merchants will be able to receive payments on the next day to receive the funds.
Additional benefits include real-time access to faster payments, simple integration with Starling’s PSD2-complinat APIs, and full bank grade accounts and virtual accounts.
Starling Bank head of banking Helen Bierton said: “Small businesses are the lifeblood of an innovative and entrepreneurial ecosystem, so making sure they can receive the rewards of their hard work is incredibly important.
“Our partnership with SumUp means that whether a small merchant is serving coffee or cutting hair, we are helping to ensure they get paid as quickly as possible so they can get on with growing their businesses.”
Starling Bank has witnessed strong growth over the past year. The company founder Anne Boden recently stated the bank is expected to break even by the end of next year, having doubled its users since 2019.
To support the growth of Starling, it recently closed a £60m Series C with the capital being used for international expansion efforts.
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