European mobile point-of-sale company SumUp raised an undisclosed amount of funding.
The investor was Venture Incubator AG, a Swiss venture capital firm founded by McKinsey & Company and Swiss Federal Institute of Technology in Zurich (ETHZ) and backed by ABB, Bühler, Credit Suisse, Hilti, Nestlé, Novartis, Schindler, SUVA, Sulzer and ZKB.
The company, which has now raised €40m in total, will use the new funds to further build out its open end-to-end payment platform with focus on contactless payments and to expand into new territories. To the current 13 countries, two more will be added this year.
Les by Daniel Klein, CEO, SumUp has developed a proprietary mobile point-of-sale system that covers the entire payment process including Chip & PIN card terminals, Android and iOS mobile apps, a payment platform with fully certified EMV processing technology and risk and anti-fraud solutions.
The company is authorized as a Payment Institution by the Financial Conduct Authority (FCA) and is Europay, MasterCard, and Visa (EMV) and PCI-DSS certified.