SumUp, one of Europe’s leading mPOS companies, has announced a new €10 million funding round with new investors such as BBVA Ventures and Groupon, as well as current investors like American Express who also participated. This takes SumUp’s funding so far to a total of €50 million, and follows their recent investment by Swiss venture capital firm Venture Incubator AG.
Founded in 2011, SumUp is set to empower the world to accept card payments. With SumUp, merchants can accept credit and debit cards, using their smartphones or tablets, in a simple, secure and cost-effective way. SumUp’s mobile card acceptance solution is built on proprietary end-to-end EMV payment technology, terminal hardware, and mobile applications. In addition, SumUp only charges a fee of 1.95% per card transaction in the UK.
Daniel Klein, CEO of SumUp, commented: “We are delighted to have received 2 major investments within less than 2 months. With strong partners such as BBVA Ventures, Groupon and American Express, we are now better equipped than ever to execute on our vision of empowering small businesses all over the world by radically simplifying payments. We can’t wait to offer our solution to even more merchants soon by launching the in new markets later this year.”
SumUp plans to use this investment in three ways. Firstly, it will expand into new markets, launching in two more countries this year, increasing its country footprint to 15 and continent footprint to three. Secondly, it will use the fresh funding to enhance SumUp’s technology leadership position by rolling out the new contactless generation of its end-to-end payment platform. Thirdly, it will support the development of new services.
Jay Reinemann, Executive Director, BBVA Ventures, explained: “We’re pleased to offer further support to SumUp, who are shaking up mobile payments and creating opportunities for both merchants and customers. They fit the profile of businesses BBVA Ventures wants to invest in and learn from – those disrupting the mainstream for the benefit of the consumer.”
Find this interesting? Be sure to sign up for our free weekly EU-Startups Newsletter so that you can stay up-to-date!
