SumUp Grabs Up $45M

SumUp, Europe’s leading mPOS company, has raised at least $45 million (€40 million) to date to continue expansion and work on the next generation of its payment hardware around contactless payments, reports TechCrunch.

SumUp is a German startup, launched in 2012 with its headquarters in London. It operates in 13 countries in Europe, offering services for processing credit card payments through mobile devices. The firm’s technology meets all the legal European requirements, such as accepting card payments via EMV chip cards, and it is compatible with all major forms of credit card payments, including Visa, MasterCard and American Express.

Daniel Gutenberg, Partner at Venture Incubator, with focus on IT, said, “Since entering the market in 2012, SumUp’s team has successfully defined completely new rules of the game for the mPOS market and has enabled thousands of merchants to accept card payments in the most cost-effective way. As new investors we are excited to accompany the further growth of SumUp.”

According to PE HUB, SumUp’s platform is the first mobile point-of-sale system in the world to cover the entire payment process including Chip & PIN card terminals, Android and iOS mobile apps. In addition, its payment platform has fully certified EMV processing technology and risk and anti-fraud solutions.

“The investment of Venture Incubator AG is a further validation on our way to become the global market leader of electronic payment acceptance. For this, both our technological lead and our international presence are deciding factors. We are looking forward to fuelling our product development and international growth with this fresh financing. We have big plans and are going to add more markets to our world map, inside and outside of Europe, this year,” said Daniel Klein, CEO of SumUp, in a statement.

The mobile payment landscape is on the move. Apple Pay just announced its launch in Europe next July by first setting foot in the U.K. while MasterPass, MasterCard’s new digital wallet, announced its launch across the Channel, in Belgium.

To check out what else is HOT in the world of payments, click here.


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