Payment services provider SumUp has agreed to acquire FiveStars, a US-based integrated payment processing and marketing platform developer backed by telecommunications and media company Rogers Communications, for $317m.
Founded in 2010, FiveStars operates a software platform that brings together a point-of-sale system with payment processing and automated marketing tools including personalised messaging and loyalty programmes for small businesses.
The acquisition comprises an unspecified mix of debt and equity and is intended to help UK-headquartered SumUp expand its business on either side of the Atlantic.
FiveStars raised $52.5m in a Salt Partners-led series D round in October 2020 that also featured Lightspeed Venture Partners, DCM Ventures, HarbourVest Partners and Menlo Ventures.
HarbourVest had previously led FiveStars’ $50m series C round in 2016, investing with Lightspeed Venture Partners, DCM Ventures and Menlo Ventures, increasing its overall funding to an amount the company said was $105m.
Menlo Ventures had led a $26m series B round for FiveStars in 2014 that included Communications, Lightspeed Venture Partners and DCM Ventures, the last two of which had backed FiveStars’ $13.9m series A round in two years earlier.
