Mobile point-of-sale provider SumUp and BancoEstado de Chile, the largest national bank of Chile, have launched a joint venture offering mobile card acceptance to small businesses, according to a press release.

Through the newly formed joint venture, SumUp increases its local footprint in South America to a second market. The combined business operates under the brand "Compraqui" (which translates to 'buy here') and is headquartered in Santiago de Chile. 

BancoEstado services some more than 600,000 SMEs, providing financial services with an emphasis on the unbanked and businesses. SumUp and BancoEstado are planning to triple the number of card acceptance points to 1.5 million in the next three years.

"This is a milestone for the small business sector in Chile," SumUp CEO Daniel Klein said in the release. "We truly disrupt the existing market for card acceptance through Compraqui's unique offering. It represents each company's strong commitment to provide business owners with easy access to card payment technology to ultimately increase their revenue."