SumUp Receives Double-Digit Million Euro Financing

SumUp, a Berlin, Germany-based provider of solutions to enable merchants to take debit and credit card payments with their smartphones, raised a double-digit million Euro financing.

Backers included new investors Groupon (NASDAQ: GRPN) and American Express (NYSE: AXP) and existing investors b-to-v Partners, Shortcut Ventures, Tengelmann Ventures and business angels.

The company, which had raised $20m in August 2012 (read here), intends to use the funding to continue to expand into new markets, further develop its end-to-end payment solution, and create new services.

Led by Daniel Klein , CEO, SumUp provides merchants with a free card reader connected to a iOS or Android-based device and an app to enter the amount to be transferred. The customer is then ready to insert their card and authorize the transfer by securely signing with their finger on the touchscreen of the device. The app confirms the transaction on screen and offers to send a receipt to the customer via email or SMS.

The company is present in Poland, UK, Netherlands, Italy, France, Ireland, Spain, Portugal, Belgium, Austria and just launched in Russia by partnering with Svyaznoy Group, one of Russia’s largest smartphone retailers and card issuing banks.



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