Fintech

Corporate account over one billion euro and local Iban: SumUp aims to become a bank

The company that started with the mobile card-reading device wants to strengthen its role as a financial partner for European companies of all sizes

by P.Sol.

10 December 2025

2' min read

Translated by AI

Versione italiana

2' min read

Translated by AI

Versione italiana

Starting with a mobile card-reading device, ideal for merchants without a fixed shop, SumUp is accelerating its transformation into a bank with all-round services, aiming to strengthen its role as a financial partner for European companies of all sizes.

The fintech specialising in digital payments will introduce the local Iban from January 2026, starting in Italy, allowing small businesses to use SumUp as their main account. Already today there is a Corporate Account that has reached 1.5 million active merchants globally, crossing the billion euro mark in total deposits. Now it adds cash deposit functionality and, indeed, local Iban.

The Strategy

The expansion of the offer represents a milestone in SumUp's strategy, which is resolutely aiming to build a complete financial ecosystem, following the example of other fintechs: by combining payment acceptance with advanced banking and credit instruments, SumUp aims to consolidate itself as a single, integrated platform through which merchants can start, manage and grow their business with confidence.

"These results are more than numbers: they represent the foundation for the next chapter of SumUp. By strengthening our banking infrastructure with localised services and advanced functionality, we are moving strategically closer to becoming a full-fledged financial institution supporting European merchants," explains chief commercial officer Luke Griffiths. "Our goal is not just to support small businesses, but to grow with them, offering a comprehensive and reliable financial experience that accompanies them every step of the way.

Cash Deposit

Thus, as of December, SumUp activates Cash Deposit for merchants in Italy, the UK, Spain and France: corporate account holders will be able to top up their balance in minutes, a service historically reserved for traditional banks. The Cash Deposit offers cash-handling businesses quicker and easier access to working capital, with the flexibility to deposit their receipts with thousands of partner retailers.

Local IBAN

At the beginning of 2026, Italy will also be the first country where local Iban will be introduced, a crucial step towards a more localised banking infrastructure. For years, Italian merchants with non-local accounts with foreign Iban have encountered difficulties when making payments or dealing with local partners, despite Sepa regulations imposing equal treatment. With the launch of the Italian Iban, small businesses will be able to use SumUp as their main account, with smoother payments and greater trust on the part of customers, accountants and tax authorities. The Italian experience will serve as a basis for extending the service to other European markets.

In order to meet the needs of more structured and expanding businesses, the fintech enriches its business offering with the Corporate Account Plus, a premium account designed for larger companies, which includes various additional features, including multiple cards and transfers and advanced financial controls.

Pierangelo SoldaviniVicecaporedattore
Luogo: Milano
Lingue parlate: Italiano, Inglese
Argomenti: innovazione, digitale, didattica, critpovalute, blockchain
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