Flatpay: revenue tripled, losses doubled, 2,000 staff in door-to-door sales

What happened

Flatpay, founded in Copenhagen in 2022 and valued at 1.5 billion euros since November 2025, has filed its 2025 annual accounts. Revenue tripled to 39 million euros, driven by market entry in Germany. The operating loss came to 70 million euros. By June 2026 the workforce had grown to around 2,000 employees and the number of merchants to more than 100,000. For 2026 management expects revenue of 100 to 105 million euros and a loss of 140 to 150 million euros. The business model: a terminal at a fixed percentage rate, sold by field reps who call on small businesses in person.

Who it affects

Small retailers and hospitality businesses who will have a Flatpay rep standing in the shop over the coming months. And every payment provider who thought the SME market was done with online sign-up and parcel delivery.

What it means

I find these figures remarkable for two reasons. First, they disprove the story that payments are now only sold digitally. SumUp and Zettle have won millions of merchants through self-service; Flatpay picks up the businesses that model never reached, by having someone go there in person. That is my business, and I have been saying it for years: the baker signs with the person standing in front of him who understands his till.

Second, they show the price of that model. 2,000 staff for 39 million in revenue is just under 20,000 euros of revenue per head. Sales is selling faster than the product delivers margin. A flat rate per transaction is easy to explain and easy to undercut. Anyone whose field sales force only sells a terminal is building a cost machine. Anyone who sells advice, till integration, cost structure and contractual clarity still earns money in year two.

What to do now

As a merchant: use every field sales visit as a price comparison, sign nothing the same day, take all cost components away in writing.
As a sales director: tie commission to how long the customer stays, not just to the deal, or you are buying cancellations.
As a provider: personal selling only pays off with a product that keeps delivering value after the signature.