Europe’s leading mobile point-of-sale company, SumUp, received a second major €10 million injection on August 27, 2015 in 2 months. It was only in June 2015 that SumUp announced its Series D funding of another €10 million. These two major infusions of capital into SumUp raises the total funding raised by the company to €50 million.
SumUp’s latest round is funded by big investors including BBVA Ventures, Groupon Inc., American Express and Swiss venture capital firm, Venture Incubator, LLC. SumUp plans to invest this money to launch their end-to-end payment platform in 2 additional countries, which will expand their presence to 15 countries covering f 3 continents. They also plan to become a leader in mobile point-of-sale by investing in contactless technology by adopting a new payments gateway and improving the hardware and operating system to make them compatible with contactless payments requirements.Daniel Klein, CEO of SumUp, shared his positive sentiments in the company’s recent blog about this funding round. He 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.”
SumUp was found in 2011 by Daniel Klein and launched on August 2012. It is headquartered in London and has its presence in countries like UK, Germany and Brazil. The company has made credit card payments acceptance really easy for small and mid-sized businesses in Europe. There are no fixed costs associated with its hardware product, Pin+ Terminal. It has to be purchased only once at €59. SumUp charges a 1.95% fee on each transaction to its merchant customers.
With the new round of funding from strong investors and partners like Groupon Inc, BBVA Ventures and American Express, SumUp is expected to expand rapidly by establishing its business in new markets and making its services even more powerful with contactless payments.