SumUp taps Form3 for access to UK Faster Payments, appoints CPO
UK-based SME paytech SumUp has partnered up with cloud-based payments platform Form3 to receive direct access to the UK Faster Payments Scheme (FPS) and Bacs Scheme.
SumUp partners with Form3
Through a single API, SumUp will be able to connect to Form3’s platform and manage the payment processing, enabling SumUp to enhance its business account offering for UK customers. As part of a “unique” model by Form3, Barclays will provide scheme settlement with the Bank of England on SumUp’s behalf.
Being one of only 40 direct members of FPS, SumUp will benefit in ways including “more resilient and reliable” payments, ability to scale and reduction in total processing costs.
David Tatarishvilli, head of business operations banking tribe at SumUp, calls Form3 a “standout candidate” following a thorough assessment of the UK market.
“Form3’s established reputation in the market, proven operational resiliency and ability to scale with our growth plans made them our chosen partner. As a platform, Form3 can also help us break into new markets and create new payments offerings,” Tatarishvilli adds.
Founded in 2012, SumUp provides payment solutions to more than four million merchants in 35 countries. Solutions include proprietary terminal hardware, business account and card, e-commerce, remote payments, invoicing, and point-of-sale (POS) registers.
Last June, the company raised €590 million in debt and equity funding at a valuation of €8 billion.
SumUp appoints new CPO
The fintech firm has also appointed Anna Kuriakose as its new chief product officer (CPO) since June.
With more than 20 years of working experience, Kuriakose joins from Meta, where she was the product director for Messenger on Windows and Mac and web-based video calling. Prior to Meta, she held CPO roles at companies including JustGiving and TotallyMoney, and was an early product manager at Skype.
At SumUp, she will focus on strengthening the product team and drive the company’s product strategy in ways that meet the needs of small businesses.
