The European Mobile point-of-sale (mPOS) startup SumUp today announced an investment (“double digit million dollar”) led by fintech venture capital firm Life.SREDA. The round was closed with the participation of existing investors like Groupon and BBVA Ventures. The investment follows last year’s double-digit million dollar Series B financing round.
SumUp, which is kind of similar with the U.S.-based Square, was founded in 2012. The young company empowers the world to accept card payments through mobile devices. SumUp has already expanded into 14 countries, including the UK, Germany, Russia and Brazil. The startup has major offices in London, Berlin, Sofia, Moscow, and São Paulo.
The fresh capital will be used by SumUp to further building out its end-to-end payment solution, which encompasses a proprietary and certified payments gateway, proprietary hardware and operations systems. Furthermore the funds will be dedicated to propelling international traction of SumUp’s recently launched Chip & PIN card terminal “PIN+”, the first proprietary mobile Chip & PIN device of an mPOS provider in Europe.
Daniel Klein, CEO, SumUp, explains: “We are excited to bring on a new investor that has a deep knowledge of the global fintech space. Life.SREDA is building an eco-system of companies disrupting a wide range of financial services and products. We are happy to become part of this network and are looking forward to realizing synergies with some of their portfolio companies in the future. At the same time we are reassured by our existing investors’ continued support of our vision to become the global mPOS leader.”
Stefan Jeschonnek, co-founder and CPO, comments: “We have come a long way since we first started SumUp. We have grown from a bootstrapped startup in sub-let office to a global technology company serving hundreds of thousands of small merchants worldwide. We are now entering a new phase in our development and we felt that this was good point in time for us to make a change to the executive team. This new phase comes with a new strategy and we have agreed within the founding team that one of us should be fully empowered to run the company and that Daniel is the best-suited one of us to execute this strategy.”