Swiss VC pumps more cash into SumUp

Source: SumUp

SumUp, Europe’s leading mPOS company, today announced Venture Incubator AG as new investor.

The Swiss venture capital firm was founded by McKinsey & Company and Swiss Federal Institute of Technology in Zurich (ETHZ). The investors of Venture Incubator AG include ABB, Bühler, Credit Suisse, Hilti, Nestlé, Novartis, Schindler, SUVA, Sulzer and ZKB. Venture Incubator AG invests in innovative and promising start-up companies in the areas of technology, biotech, and IT. Together with the previous investment rounds led by American Express, Groupon, BBVA and other renowned venture capital firms, SumUp increases its total funding to 40 million Euros.

The company will use the new funds to expand its technological leadership position by further building out its open end-to-end payment platform with focus on contactless payments. SumUp’s proprietary platform is the first mobile point-of-sale system in the world to cover the entire payment process including Chip & PIN card terminals, Android and iOS mobile apps, a payment platform with fully certified EMV processing technology and risk and anti-fraud solutions. Furthermore, SumUp will use the investment to support its continued expansion into new territories. To the current 13 countries, two more will be added this year.

Daniel Klein, CEO of SumUp: "The investment of Venture Incubator AG is a further validation on our way to become the global market leader of electronic payment acceptance. For this both our technological lead and our international presence are deciding factors. We are looking forward to fuelling our product development and international growth with this fresh financing. We have big plans and are going to add more markets to our world map, inside and outside of Europe, this year."

Daniel Gutenberg, partner at Venture Incubator with focus on IT, comments: "Since entering the market in 2012, SumUp’s team has successfully defined completely new rules of the game for the mPOS market and has enabled thousands of merchants to accept card payments in the most cost-effective way. As new investors we are excited to accompany the further growth of SumUp."

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