SumUp, the mobile point of sale (mPOS) startup, has expanded to Scandinavian countries with a launch of its mobile payments service in Sweden. The company is now present in a total of 14 countries, including Germany, the UK and Brazil.
Using the investment
The expansion to Sweden comes after the company’s recent funding round in which it raised €10m, pushing its total investment fund up to €50m. The London-based company secured the money from Groupon, BBVA Ventures and American Express among others.
Sweden FinTech scene
It shouldn’t come as any surprise that SumUp has chosen Sweden as its Scandinavian point of entry. After all, according to research, its capital is the second most attractive city in terms of FinTech investment, attracting just under 20 per cent of all investment in the past five years. The country also boasts about having Europe’s largest market by credit/debit card usage per capita.
With its PIN+ Card Terminal, SumUp will be the first company to offer a proprietary card terminal to small businesses in Sweden. Using the company’s PIN+ Card Terminal with their smartphones or tablets, Swedish merchants will be able to accept all major credit cards, including MasterCard, Visa and American Express. SumUp will take one percentage fee of 1.9 per cent per transaction.
Daniel Klein, CEO of SumUp, comments: “Swedes pay more frequently by card than any other European nation; this makes Sweden a very interesting market for us. With this package and given our huge success in the rest of Europe, we predict Sweden to be a great market for SumUp.”
Sweden is an early adopter
Torbjörn Bengtsson, of the Stockholm Business Region Development, also proffers a reason for why Sweden has in recent times become a highly appealing country for FinTech.
“Stockholm has consistently accounted for almost 20% of the European venture and growth going into Fintech during the last 5 years. Of course one reason is that Swedes are in general early adopters of new technology and also with regards to payments and going cashless. Traction of mPOS services such as SumUp’s (or IZettle’s for that matter) of course one aspect this,” he told PaymentEye.
He went on to say how SumUp “fits nicely into the very strong FinTech landscape in Stockholm with payment tech successes as Klarna, iZettle being created here and now companies such as Trustly (payments) and KnCMiner (cryptocurrencies).”
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