BancoEstado ran a comprehensive global selection process from which SumUp emerged as the ideal partner to serve small merchants in Chile.

Through the newly formed joint venture, SumUp increases its local footprint in South America to a second market. The combined business operates under the brand “Compraqui” and is headquartered in Santiago de Chile. For the first time, Chilean businesses are able to offer mobile card acceptance anytime, anywhere with no monthly fees and no contractual obligations.

The joint efforts capitalize on the global reputation SumUp has developed as a Mobile Point of Sale (mPOS) company, currently operating in 31 markets in Europe, the U.S. and Brazil, and BancoEstado’s commitment for and earned trust of more than 600,000 SMEs, providing financial services with an emphasis on the unbanked and businesses. SumUp and BancoEstado are planning to triple the number of card acceptance points to 1.5 million in the next 3 years.

Jessica López Saffie, Gerente General of BancoEstado, comments: “Serving small businesses is at the core of what we do. Together, we address more than 600,000 SMEs and 1.2M sole proprietors who currently cannot accept card payments. We ran a comprehensive selection process, evaluating many card acceptance solutions. With a proven business model and a market-leading end-to-end card acceptance solution providing highest security standards, SumUp came out at the top of this process.”

Daniel Klein, CEO of SumUp, says: “This is a milestone for the small business sector in Chile. We truly disrupt the existing market for card acceptance through Compraqui’s unique offering. It represents each company’s strong commitment to provide business owners with easy access to card payment technology to ultimately increase their revenue.” He adds: “Moreover, BancoEstado is Chile’s biggest card issuer with over 10 million cards issued. Through Compraqui, we will increase the number of card acceptance points dramatically in the SME sector and contribute to their financial inclusion.”

With more than $100 million annual revenue and 2,000 new businesses joining the service every day, SumUp is on its path to becoming the first global card acceptance brand.