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Life.Sreda leads SumUp funding round

15 August 2014  |  6526 views  |  0 SumUp

European mPOS contender SumUp has closed a "double digit million dollar" series c financing round led by Russian fintech venture capital fund Life.Sreda.

Existing investors, including Groupon, BBVA Ventures and various VC firms, also participated in the round.

The new money will be used to build out SumUp's technology and push its recently launched chip and PIN reader, which in a European first, the company built itself from scratch.

Alex Ivanov, CFO, Life.Sreda, says: "No other mPOS player in the world has focused so much on disrupting the actual technology behind the revolutionary mPOS business model. We are impressed by SumUp's end-to-end payments capabilities, especially their recently launched proprietary Chip & PIN terminal."

Meanwhile, two of SumUp's four founders are leaving the firm. Chief product officer Stefan Jeschonnek and chief commercial officer Jan Deepen are stepping down but will remain shareholders and "active supporters".

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