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

What happened

Flatpay was founded in Copenhagen in 2022 and has been valued at 1.5 billion euros since November 2025. It has now filed its 2025 annual accounts. Revenue tripled to 39 million euros, driven by its entry into Germany. The operating loss came to 70 million euros.

By June 2026, the workforce had grown to around 2,000 and the merchant base 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 visit small businesses in person.

Who is affected

Small retailers and hospitality businesses who will find a Flatpay rep in their shop over the coming months. And every payment provider who thought the small-business market was now all online sign-ups and parcel delivery.

Assessment

I find these figures remarkable for two reasons.

First, they disprove the story that payments are now only sold digitally. SumUp and Zettle won millions of merchants through self-service. Flatpay picks up the businesses that model never reached, by sending someone in person. That is my line of work, and I have said it for years. The baker signs with the person 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 earns margin. A flat rate per transaction is easy to explain and easy to undercut. A field force that only sells a terminal is a cost machine. A field force that sells advice, till integration, cost structure and contractual clarity still makes money in year two.

What to do now

1. As a merchant: treat every sales visit as a price comparison. Sign nothing on the day, and get every cost component in writing.
2. As a sales director: tie commission to how long the customer stays, not just to the signature. Otherwise you are paying for cancellations.
3. As a provider: personal selling only pays off with a product that keeps delivering value after the contract is signed.