It’s been an eventful year for the payments industry as economic uncertainty pummels fintech valuations and firms reconsider growth plans. But there’s also opportunity in the downturn for companies to consolidate their market positions and expand into new verticals as smaller competitors cut back.
UK-based point-of-sale payments provider SumUp, for example, is plowing ahead with expansion despite a gloomy market outlook. It raised €590 million ($595.0 million) this year and recently diversified into consumer payments with a digital wallet for customers across Europe.
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