Square Challenger SumUp Raises $10 Million, Loses Two Founders

Mobile POS startup SumUp has pulled in more than $10 million in a Series C financing round, but is also shedding two of its founders, according to Finextra.

The “double digit million dollar” round, which was led by Russian venture capital fund Life.Sreda, also included participation by existing investors Groupon, BBVA Ventures and various venture capital firms. The new funding will be used for product development and for marketing its recently launched PIN+ mobile reader for chip-and-PIN payment cards.

However, two of SumUp’s co-founders are leaving the London-based company in the wake of the deal. Chief product officer Stefan Jeschonnek and chief commercial officer Jan Deepen are stepping down but will remain shareholders and active supporters, the company said. In December 2013 co-founder Petter Made stepped down as COO. The other two co-founders, CEO Daniel Klein and CSO Marc Christ, remain on the executive team.

SumUp previously raised $20 million in its 2012 Series A funding round from b-to-v Partners, Shortcut Ventures, Tengelmann Ventures and business angel Klaus Hommels. The company says that hundreds of thousands of merchants use its service to process credit card payments in 14 countries including Russia, Brazil and various European nations.