HomeFundingSumUp launches its mobile card reader with huge financial backing

SumUp launches its mobile card reader with huge financial backing

The Dublin-, London- and Berlin-based mobile payment startup SumUp recently closed a Series A funding round and has now officially launched its service. The young company secured about $20 million from Shortcut Ventures, b-to-v Partners, Tengelmann Ventures and Klaus Hommels (who was also an early investor in companies like Skype, Facebook and Xing).

Similar to US-based Square, SumUp provides a free app and card reader which allows users to process payments on-the-go. SumUp’s technology works with MasterCard, Visa and Europay and enables complete payment transactions free of charge to merchants. The European Square competitor takes a 2.75% cut from every transaction made. SumUp, which has just been launched in the UK, Ireland, Germany and Austria, mainly targets small businesses.

SumUp’s CEO Daniel Klein stated: “We have grown to a company of over 100 people, and will be using our subsequent investment by our experienced partners to take SumUp to further regions in the months ahead.”

Since SumUp is not the first European startup adapting the business model of Square. You are probably already familiar with the concept, if not also familiar with competitors iZettle, Payleven, among others.

By the way: If you’d like to stay up-to-date regarding startup news and interesting opportunities, make sure to subscribe to our free weekly EU-Startups Newsletter.

Thomas Ohr
Thomas Ohr
Thomas Ohr is the "Editor in Chief" of EU-Startups.com and started the blog in October 2010. He is excited about Europe's future, passionate about new business ideas and lives in Barcelona (Spain).

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