$6m for JUSP, the Italian startup that turns your Smartphone into a POS

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JUSP, the Italian, Milan-based company operating in the mobile POS market, as just closed a new $6mln  round thanks to Principia II, Vertis Venture and a group of angels. The company will use the new resources to launch and accelerate its development  and thanks to it, JUSP will be able to launch its services both in Italy and in other European countries.

Founded by Jacopo Vanetti and Giuseppe Saponaro, who will be respectively CTO and COO of the company, JUSP is a small and light “Chip&Pin” mobile POS that can be attached to smartphones and tablets via the audio jack, creating a single appliance with the phone. It works both with iOS and Android smartphones and tablets and it can be attached through the audio jack.

JUSP is easy  to use and is a convenient alternative to traditional POS systems. Bought the device, the merchant only have to pay a small 2,7% fee for any transaction. The target market is typically small mobile merchants such as taxi drivers, artisans, doctors, delivery men.

Recently awarded by EPCA (European Payment Consulting Association) with the Florin Award, one of the most important European Awards for technological innovation in the European payment industry, JUSP has elicited great interest in several players such as Banks and Financial Institutions operating in Europe and the US.