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BBVA Ventures Investment to Help SumUp’s South American Expansion

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SumUp is coming to America – one hemisphere at a time.

The European mobile payments company is expected to reach South American shores by the end of the year, according to a report in TechCrunch published today.

News of the expansion comes as SumUp announced receiving funding from BBVA Ventures, the venture capital wing of Spanish bank, BBVA. The amount of BBVA’s investment was undisclosed, but it is believed to be part of the larger investment of more than $20 million announced by SumUp in May. That round included participation by investors ranging from American Express to Groupon to Tengelmann Ventures.

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Funding from BBVA will contribute toward SumUp’s growth into South America, as well as help extend the brand in European countries like Spain and Portugal, where BBVA is strong. SumUp also recently announced expansion into Russia.
Both BBVA and SumUp are alumni of FinovateEurope 2013, held earlier this year in London. BBVA demoed, technology that analyzes Twitter data for clues to market sentiment. SumUp presented its mobile payments solution, which makes it easier for small businesses to accept card payments.
See BBVA’s presentation here. SumUp’s demo is available here.