SumAll inks MasterCard partnership as both companies aim to deliver big data to small businesses
In the real world, big data is often a big pain, particularly for small companies. Data can be collected from across an organization, but too often it exists in silos and can’t easily be connected to draw meaningful conclusions. SumAll has spent the last two and a half years working to change this with its connected data analytics platform, aimed at small- and mid-sized businesses (SMBs) as well as enterprises.
Today, the New York-based startup announced a new partnership that will give it access to thousands more such small businesses. SumAll is announcing a deep integration with MasterCard under its Simplify Commerce SMB-focused cross-platform, mobile and online payments platform. The two companies, although dramatically different in size, actually make a wise pair and seem likely to drive real value to one another and to their mutual customers.
SumAll enters the partnership with 100,000 existing customers, including several Fortune 500s, and has seen greater than 1,000 percent year-over-year growth, according to its VP of Business Development Catherine Gluckstein. Add in the reach and brand cachet of MasterCard, and this number should grow significantly. The SumAll platform allows business owners to see data trends and better understand what’s driving revenue, site visits, and even marketing effectiveness in real time.
“The caliber of SumAll’s analytic capabilities is an extremely compelling tool for merchants,” says Simplify Commerce Technical Evangelist Rahul Deshpande in a statement. “The insight that they can offer merchants, combined with the insights from Simplify Commerce’s payments data, allows for a wider runway for merchants to understand how to grow their business.”
This isn’t SumAll’s first integration – it’s done 32 others previously. In fact, its entire platform is built around connecting data from across different systems, including payments, CRM, commerce, project management, Web analytics, marketing automation, and social media, among others. The company offers tie-ins with all the big names like Google Analytics, eBay, PayPal, Stripe, Authorize.net, Shopify, Big Commerce, Magento, Facebook, Twitter, and, most recently, Foursquare.
But unlike most of these existing relationships, the Mastercard partnership goes deeper than simply baking in a publicly available API. SumAll had to rebuild its system to accommodate the Simplify Commerce data and payments model, Gluckstein says. The two companies seem genuinely committed to delivering mutual benefit to one another.
MasterCard was actually the initiator of this partnership, according to Gluckstein, and is even putting its money where its mouth is by offering $10,000 in free payment processing to any customer that uses both Simplify Commerce and SumAll. Beyond that, however, there’s no revenue share or economic component to this partnership – simply a shared goal offering a better experience to each company’s customers.
Gluckstein says that SumAll will measure the success of this partnership in terms of two KPIs: the number of signups driven, and the level of engagement of those new customers. The average SumAll user currently connects five data streams and interacts with the platform several times daily, he says. Various data sources are more prone to driving high engagement than others. Payments and Web analytics are among the highest, according to the company. Thus MasterCard has the potential be a major growth driver.
SumAll has raised $11.5 million do date across three rounds of funding from backers including, Battery Ventures, Wellington Partners. General Catalyst Partners, and Silicon Valley Bank. The company has approximately two dozen employees.
Businesses will only create more data about their customers into the future, and thus will be faced with greater opportunities to extract insight and drive efficiency. With this being the case, solutions like SumAll will grow more and more necessary. It’s not surprising that MasterCard recognizes this fact. It is, however, a bit shocking that the payments giant struck what appears from the outside to look like a partnership of equals with the much smaller SumAll.
This deal may set the stage for a deeper partnership between the two companies down the road, or it may turn out to be a one-off. Either way, today’s announcement is a big win for the small startup in terms of credibility and visibility.