Adyen, the financial technology platform for larger businesses and SumUp, a global leader in financial technology for small merchants, have joined forces in a strategic partnership to offer a payment experience and accelerated settlements for millions of small businesses worldwide.
With this partnership, SumUp builds on its existing near-instant settlements offering for SumUp merchants and scales this benefit to millions of small and micro merchants in Europe and the UK, giving them faster access to their money and ensuring full control over their finances.
Through the expansion of accelerated settlements in cooperation with Adyen, SumUp will provide even more of its users with access to industry-leading same day settlements, seven days a week, 365 days a year. This means that SMEs will receive their funds within minutes rather than within days after a sale. This initiative provides small businesses with faster access to funds, reducing the need for large working capital reserves and addressing critical cash flow needs. 79% of SME platform users place a high value on faster access to funds and have expressed their demand for same-day payouts, according to the Embedded Finance Report: How platforms are revolutionising SMB banking, 2022.
“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,” said Alexa von Bismarck, President EMEA at Adyen. “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.”