Two of Europe's leading mobile point-of-sale providers, SumUp and payleven, have announced a merger agreement that will combine the companies under the SumUp brand.

The shareholders of both companies have approved the transaction and will continue to support the merger. Together, the companies process more than 1 billion Euros annually in a total of 15 countries.

"Today's announcement is a game-changer for the mobile payments industry," Daniel Klein, founder of SumUp and CEO of the merged group, said in a statement. "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."

Existing merchants are not affected by the transaction, as both companies' products will be continued, according to the release. 

"SumUp and payleven have decided to seize an exceptional opportunity: Two complimentary teams sharing the same vision joining forces," Konstantin Wolff, co-founder of payleven, said in a statement. "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 exceeding customer and partner expectations alike worldwide."