SumUp, a European mPOS company, raised €10m in funding.
Backers included BBVA Ventures, Groupon, American Express and other current investors.
The company, which has raised a total of €50m, intends to use the funds to expand into new markets, to enhance its technology and to support the development of new services.
Led by Daniel Klein, CEO, SumUp provides a mobile point-of-sale (mPOS) platform for merchants to accept credit and debit cards, using their smartphones or tablets, in a secure way. The company’s mobile card acceptance solution is built on proprietary end-to-end EMV payment technology, terminal hardware, and mobile applications. It charges a fee of 1.95% per card transaction in the UK.
SumUp, which is authorized as a Payment Institution by the Financial Conduct Authority (FCA) and is Europay, MasterCard, and Visa (EMV) and PCI-DSS certified, was launched in August 2012 has has since then expanded into 13 countries, including the UK, Germany and Brazil.