European mobile payment system companies SumUp and Rocket Internet-backed Payleven have announced that they are merging, confirming an earlier report from Deutsche Startups.

The shareholders of both startups have approved the transaction and will continue to support the combined company, which will operate under the name SumUp, in the future.

The combined entity is said to currently process more than €1 billion annually in a total of 15 countries, and will now be an even bigger threat to European rival iZettle.

Daniel Klein, founder of SumUp and CEO of the merged group, comments: “Today's announcement is a game-changer for the mobile payments industry. It is another step towards delivering on our vision of creating the first ever global card acceptance brand."

"We could not think of a better partner for this step than payleven with their impressive sales power. We have a ton of hard work ahead of us but combining our forces will allow us to unlock growth potential and further extend the products and services we offer to our merchants,” he added.

Aside from Rocket, Payleven is backed by Seventure Partners, Holtzbrinck Ventures, ru-Net, B Cinque, New Enterprise Associates and MePay. SumUp counts BBVA Ventures, Groupon and American Express among its investors.

SumUp had raised €40 million so far, Payleven about $51 million.

Also read/watch:

How CEO Daniel Klein aims to turn SumUp into a global payment card acceptance brand

Mobile point-of-sale startup SumUp launches in the US

Euro fintech company SumUp raises another €10 million (August 2015)

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