Investments totaling €10 million from BBVA Ventures, Groupon, American Express and others have boosted mPOS specialist SumUp’s total capital to more than €50 million.

The infusion comes on the heels of a June investment from Venture Incubator AG, a Swiss venture-capital firm. The combined investments, SumUp CEO Daniel Klein said, makes SumUp “better equipped than ever to execute our vision of empowering small businesses all over the world by radically simplifying payments.”

Specifically, SumUp plans to put the capital to use by:

• Expanding into two more countries in 2015, growing the company’s footprint to 15 countries on three continents.
• Introducing a new contactless version of its end-to-end payment platform as well as “supporting the development of new services.”

From left: Stefan Jeschonnek, CMO and co-founder; Florian Richter, U.K. country manager, demonstrated SumUp at FinovateEurope 2013 in London.

Both development and new services have been on the agenda for SumUp in recent months. In May, SumUp released its Terminal Payment SDKs for iOS and Android and a suite of APIs that enabled third parties to connect to SumUp’s platform and terminals. According to the company, this made SumUp the “first truly open mPOS platform.” Also in May, SumUp expanded payment options for Swiss merchants by including payments from American Express.

SumUp’s technology enables merchants to accept credit and debit card payment via both smartphone and tablet. The solution relies on proprietary, end-to-end, EMV payment technology, a portable card reader, and an app available on both iOS and Android to enable small businesses to accept payments on-the-go. SumUp charges a flat 1.95% for both credit and debit transactions, and has no monthly fee.

SumUp demoed its cashless point-of-sale solution at FinovateEurope 2013 in London. The company was founded in August 2011 and is headquartered in Dublin, Ireland.

U.K.-based payments startup SumUp announced a new round of funding today. While the amount remains undisclosed, SumUp CEO Daniel Klein confirmed that the company has now raised a total of $45 million in funding since it was founded in 2012.

According to TechCrunch, Klein estimates the company is now valued somewhere in the range of “healthy hundreds of million” euros.

The newest round comes from Venture Incubator AG, a firm that includes ABB, Bühler, Credit Suisse, Hilti, Nestlé, Novartis, Schindler, SUVA, Sulzer and ZKB. This list of heavy-hitters should come as no surprise, since SumUp’s earlier rounds were led by American Express, Groupon, BBVA and other renowned venture-capital firms.

SumUp’s mobile point-of-sale system includes Chip & PIN as well as EMV processing technology, available on Android and iOS mobile apps. The company will use the funding in two ways:

1) Focus on contactless payment hardware.
SumUp differentiates itself by being as vertically integrated as possible. That means that it designs all of its own hardware, and does not rely on third parties. The company sells its terminal for around $90, and considers the hardware to be one of its competitive advantages. Says CEO Klein, “We’ve reached a competitive point in this respect for us to be able to produce terminals at a cost that is lower when we sell it. We are already making a profit on our hardware and continue to do so.”

2) Expand its geographical reach.
SumUp currently operates in 13 countries, and will add two more this year, one of which will be Sweden.

SumUp reported 300,000 merchant customers as of last month. In the last six months, sales volume has doubled on the platform. The startup plans to be profitable by next year.

The company launched at FinovateEurope 2013 in London where it won Best of Show for its portable card reader and point-of-sale solution.