London-based payments service provider (PSP) SumUp has obtained its electronic money (e-money) licence from Irish financial watchdog, the Central Bank of Ireland.
SumUp will now process payments and roll out e-money wallets in Ireland, in addition to the UK and Lithuania.
This adds to its ongoing activities in 26 countries across the European Union (EU).
In Ireland, SumUp’s office is domiciled in Dublin, where the company aims to continue investing. It will become a regulated hub for all its operations across the EU.
Since its inception in 2012, the fintech firm has already offered electronic payments to several independent businesses in the country.
Currently, SumUp’s payment technology solutions are used by more than three million merchants globally.
SumUp said that it will use the Irish licence to offer its full suite of products to small businesses and help them navigate the challenging market conditions caused by the Covid-19 pandemic.
Some offerings include payment links and invoicing options, the ‘SumUp Online Store’, and gift card collaborations with Google, Facebook and Instagram.
SumUp Ireland CEO Gareth Walsh said: “Securing our licence during this critical time means that we can continue to empower those small businesses and help them succeed despite the challenges presented by the ongoing pandemic.
“Our core products allow our users to take remote and contactless card payments during lockdown situations, and so in a very real way, this licence will ensure Ireland’s entrepreneurs can keep trading and keep recovering.”