AmEx and Groupon invest in SumUp

AmEx and Groupon invest in SumUp

American Express and Groupon have joined existing investors to inject a 'double-digit million euro' sum into mobile point of sale outfit SumUp.

The latest investment in the Duiblin-based start-up follows a $20+ million funding round in the second quarter of 2012 from b-to-v Partners, Shortcut Ventures, Tengelmann Ventures and business angels.

SumUp says it will use the funds to support its expansion into new territories, and to strengthen its technology base, which encompasses a proprietary and certified payments gateway as well as proprietary hardware and operations systems.

The investment follows SumUp's recent launch in Russia and partnership with Svyaznoy Group, one of Russia's largest smartphone retailers and card issuing banks.

Werner Decker, senior vice president, Merchant Services Europe, American Express, comments: "American Express is committed to delivering value to small merchants and helping them grow their business. We believe SumUp's skill set and end-to-end payment solution, which offers ease of use, convenience and security, makes them well positioned to play an important role in mobile payments."

American Express has been spreading the largess across a range of similar up-and-coming start-ups as it bids to pick a winner in the crowded European market for mobile point-of-sale systems. The card scheme invested an undisclosed sum in SumUp competitor iZettle in October.

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