Company employs 30 people in Ireland, mostly in risk and compliance roles, writes Jonathan Keane
Fintech firm SumUp is to establish its Dublin office as the "key regulated hub" for its payments business after Brexit.
The London-based company recently secured an electronic money licence from the Central Bank of Ireland to continue its operations in Europe.
SumUp provides mobile card readers and payments software for businesses. It operates in Europe and the UK as well as the US and Brazil.
While SumUp has been approved in Ireland for a licence, it has also been approved by the central bank in Lithuania.
"Alongside our licences in Lithuania and the UK, the new licence in Ireland allows SumUp to continue operating across Europe after Brexit, preserving our ability to process payments and issue e-money wallets," a spokeswoman said.
SumUp, which is backed by American Express and Groupon, employs 30 people in its Dublin office, many of whom are in risk and compliance roles at the company. It plans to expand that operation in 2021, the spokesperson said, but it did not say how many people it will be recruiting.
"Our Irish office, which we aim to grow further and continue investing in, will become a key regulated hub through which significant aspects of our business across the EU can be conducted without interruption," she said.
SumUp has followed a similar regulatory route to large fintech player Revolut, which has also received a Lithuanian licence and is in the process of securing an Irish one. Revolut previously said it would use the two licences to serve Western and Eastern European customers respectively. While its Irish application is pending, it has moved Irish users under the Lithuanian entity temporarily.
SumUp was founded in 2012 and last year raised €330m in debt financing from Bain Capital Credit, Goldman Sachs Private Capital and others to fund market expansion and acquisitions.
With its new e-money licence in tow, SumUp joins a number of fintech operators which have turned to the Central Bank of Ireland for licences as post-Brexit hedges, such as rival Square, Stripe and cryptocurrency exchange Coinbase.