SumUp mPOS Going Contactless With BBVA/Groupon Support

The mPOS company SumUp, which focuses on Europe, said Thursday (Aug. 27) that it has received a €10 million investment from backers that include BBVA Ventures and Groupon. Additionally, existing investors, including American Express and others, participated in the funding round, the company said in a release.

Total funding to date comes in at €50 million, and the new injection comes on the heels of investments from Venture Incubator AG, a Swiss venture capital enterprise.

SumUp, headquartered in London, started operations in Germany three years ago, with point-of-sale systems that run the payments gamut from mobile apps to chip-and-PIN card terminals.

The most recent investment will be earmarked for moving into new country markets, and SumUp said it plans to move into two new markets this year, with a total tally of 15 markets by the end of 2015. In addition, the company will look to bring out a new contactless iteration of its end-to-end platform, with a certified payments gateway in place.

Under its existing platform, merchants across three continents can accept both debit and credit cards, employing their smartphones or tablets to empower the transaction. The platform is built on EMV technology, and the fee structure is just under 2 percent per transaction in the United Kingdom.

In a statement announcing the investment and the new business initiatives, SumUp Chief Executive Officer Daniel Klein said: “We are delighted to have received two major investments within less than two months. With strong partners such as BBVA Ventures, Groupon and American Express, we are now better equipped than ever to execute on our vision of empowering small businesses all over the world by radically simplifying payments. We can’t wait to offer our solution to even more merchants soon by launching in new markets later this year.”

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Social distancing has changed eCommerce from a ‘want to have’ to a ‘must have’ for businesses, yet retailers could struggle to create convenient payment and refund experiences for their apps and websites, says Abdul Raof Latiff, head of DBS Bank’s digital institutional banking group. In the April 2020 B2B API Tracker, Latiff explains how banks can provide a timely assist via application programming interfaces (APIs) that integrate payments into those eCommerce platforms.

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