SumUp has launched personal banking accounts offering 5% cashback on purchases at small businesses, expanding beyond its core merchant payments platform. The fintech aims to build a complete financial ecosystem that benefits both sides of its marketplace - merchants and consumers alike. Chief commercial officer Luke Griffiths said the strategy connects merchant growth tools with consumer incentives to drive transactions through its platform.

The move places SumUp among fintech giants like Wise and Klarna that have already added banking services. However, SumUp differentiates through its two-sided approach: consumers earn cashback while merchants receive zero-fee transactions. This creates a self-reinforcing cycle where more merchants attract more consumers seeking rewards, and vice versa. The model leverages what Griffiths calls 'Saturday morning energy' - people's natural inclination to support local businesses when they have time to browse.

SumUp began its consumer journey in 2022 with SumUp Pay in Ireland, offering 0.5% cashback. The rebranded offering now includes 2% cashback at supermarkets and 0.5% elsewhere, plus budgeting tools. Available across six European markets initially, the company plans to expand to all 38 markets while pursuing banking licenses in the EU, UK, and Brazil to support future lending and investment products.