SumUp, the mobile point of sale (mPOS) startup, has raised €10m in investment through a new funding round, pushing its total investment fund up to €50m.
The London-based company secured the money from Groupon, BBVA Ventures and American Express among others in this latest round of funding, which comes hot on the heels of Swiss venture capital firm Venture Incubator AG’s cash injection in June.
Key among the mPOS provider’s plans for the cash is expanding its reach to a further two countries, meaning it will be available in 15 countries over three continents.
The company will also use the money to introduce contactless payment to its payment platform. This will include a proprietary and certified payments gateway as well as in-house hardware and operations systems.
Launched in August 2012, SumUp has so far expanded into 13 countries, including the UK, Germany and Brazil. The solution allows merchants to accept credit and debit cards, using their smartphones or tablets, in a simple, secure and cost-effective way.
‘Launching in new markets this year’
Daniel Klein, SumUp‘s CEO, 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 in new markets later this year.”
Jay Reinemann, executive director at BBVA Ventures, added: “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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