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.