payleven

The company's core product was a mobile point-of-sale (mPOS) system. This consisted of a physical card reader that connected to an iOS or Android device via Bluetooth and a corresponding mobile application. Payleven was notably the first company to introduce a Chip & PIN card reader to the UK market, enhancing security over the magnetic stripe readers prevalent at the time. The product line included the "Classic" and the more advanced "Plus" models, which also supported contactless payments. The business model was centered on accessibility and transparent pricing, charging a percentage-based transaction fee with no fixed monthly costs, making it attractive for businesses with fluctuating sales volumes. Revenue was generated from these transaction fees, a portion of which was remitted to card networks like MasterCard.

The founders brought extensive experience to the venture. Rafael Otero was a seasoned entrepreneur with a global background in technology and payment products. Alston Zecha had a background in venture capital and finance with firms like Apax Partners and came from a family of entrepreneurs. Backed by prominent investors such as Rocket Internet, Holtzbrinck Ventures, and Seventure Partners, Payleven expanded its operations across 10 European countries and Brazil. A significant milestone was the deal to have its card readers sold in Apple Stores across Europe.

In April 2016, Payleven announced a definitive merger agreement with its competitor, SumUp. The combined entity continued under the SumUp brand, uniting Payleven's strong merchant acquisition capabilities with SumUp's proprietary hardware and payment platform. At the time of the merger, the joint company was processing over €1 billion annually across 15 countries, creating a dominant force in the European mPOS market. The merger was seen as a strategic consolidation in a competitive market, allowing the new entity to achieve the scale necessary for profitability in a low-margin industry.