There are many nice ways to qualify an “amount undisclosed” investment. But “double-digit million” is probably near the top of the list.
SumUp, specialists in the field of mobile point-of-sale (mPOS) technology, announced today that it had completed a new round of funding. Characterized by the company as a “double-digit million dollar” investment, the round was led by Life.SREDA, and featured participation from Groupon, BBVA Ventures, and other existing investors.
Like the company’s Series B round a year ago, the exact amount of this new investment was not made available. Last year’s investment was characterized as “multi-million euro”.
Update: Crunchbase reports that the amount has been rumored at $13 million.
Daniel Klein, SumUP CEO, pointed to Life.SREDA’s experience in the fintech space worldwide. “Life.SREDA is building an eco-system of companies disrupting a wide range of financial services and products. We are happy to become a part of this network.”
For its part, Life.SREDA praised SumUp’s focus on “end-to-end payment capabilities” such as the company’s proprietary Chip & Pin terminal. Life.SREDA CFO Alex Ivanov said, “no other mPOS player in the world has focused so much on disrupting the actual technology behind the revolutionary mPOS business model.”
SumUp says that the new capital will help fund building out its payments gateway, proprietary hardware, and operations systems. Part of this will be a push to help promote the company’s Chip & Pin terminal, called “PIN+” internationally.
Founded in 2011, SumUp is based in Dublin, Ireland. The company demoed its mPOS technology as part of FinovateEurope 2013, where SumUp earned Best of Show honors. See the company’s demo video here.