HomeFundingGerman mobile card payment startup SumUp announces "double digit million dollar" funding...

German mobile card payment startup SumUp announces “double digit million dollar” funding round

Point-of-sale startup SumUp today announced a “double digit million dollar” investment led by fintech venture capital firm Life.SREDA. The round was closed with the participation of existing investors like Groupon and BBVA Ventures, and  follows last year’s double-digit million dollar Series B financing round.

SumUp, which is kind of similar to the US-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 build 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+”, one of the first proprietary mobile Chip & PIN devices by an mPOS provider in Europe.

Daniel Klein, CEO of SumUp, explained: “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 realising 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, commented: “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.”

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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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