Mobile payment firms SumUp and payleven have announced that they are merging, creating a business with one million clients in 15 nations.
The combined company currently processes more than EUR1bn annually. The new entity will take the name SumUp.
The two companies in joint statement said that they will continue all services with existing customers as before.
Commenting on the merger, SumUp founder and CEO Daniel Klein said: "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. We look forward to working together with payleven on the future of mobile payments."
payleven co-founder Konstantin Wolff said: "SumUp and payleven have decided to seize an exceptional opportunity: Two complimentary teams sharing the same vision joining forces. The new entity will be larger and more powerful than the sum of the parts and be perfectly positioned to build a global leader in the space.
"With our shared know-how of the mobile payment space, we look forward to continue exceeding customer and partner expectations alike worldwide."
The shareholders of both companies have approved the transaction.