SumUp secures BBVA investment ahead of South America push
09 July 2013 | 5957 views | 0
Mobile point-of sale-outfit SumUp has set its sights on the South American market after securing investment from banking giant BBVA.
BBVA Ventures, the bank's corporate venture arm, has made an unspecified investment in an expansion of SumUp's previously announced double-digit million euro series b round led by American Express and Groupon.
SumUp says it will now make a play for the South American market, where BBVA has a strong presence. The mPOS firm has also pledged to step up its efforts in Spain and Portugal.
Jan Deepen, co-founder, SumUp, says: "International expansion is a key component of our growth story. Having BBVA as a strong partner at our side as we expand to regions beyond Europe - in particular South America - is invaluable."
Jay Reinemann, executive director, BBVA Ventures, adds: "In less than a year, the [SumUp] team has proven that they can change an entire industry and enable small merchants to run their businesses more successfully. That's a great fit with what we stand for."
Banks have begun taking a keen interest in the fast-growing mPOS market: last month SumUp rival iZettle secured EUR5 million in funding from Banco Santander and has already tapped that partnership to launch in Mexico.
Meanwhile, Lloyds recently became the first UK bank to muscle in on the market, inking a deal with Monitise to hawk the vendor's card acceptance technology to small business customers.