SumUp announces new €10 million funding

Source: SumUp

SumUp, Europe’s leading mPOS company, today announced a new €10 million injection by investors including BBVA Ventures and Groupon.

American Express and other current investors also participated in the funding round. This takes SumUp’s funding so far to a total of €50 million, and follows the recent investment by Swiss venture capital firm Venture Incubator AG.

SumUp plans to use this investment in 3 ways:

- to expand into new markets. SumUp plans to launch in 2 more countries this year, increasing its’ country footprint to 15 and covering three continents.
- to enhance SumUp’s technology leadership position by rolling out the new contactless generation of its end-to-end payment platform. This encompasses a proprietary and certified payments gateway as well as in-house hardware and operations systems.
- to support the development of new services.

Daniel Klein, CEO of SumUp, said: "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.”

Jay Reinemann, Executive Director, BBVA Ventures, adds: “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.”

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