UK-based mobile point-of-sale technology developer SumUp secured €10m ($11.2m) yesterday from existing investors including online discount service Groupon, payments processing firm American Express and BBVA Ventures, the venture capital division of bank BBVA.
Additional funds were provided by unnamed existing backers. The series E round boosted SumUp’s total funding to about $56m.
SumUp’s technology enables retailers to accept card payments through a device linked to a smartphone or tablet. The company, currently present in 13 countries, will use the funding to expand into two more, as well as to launch a contactless version of its device and to develop more features.
Venture Incubator, the Swizterland-based venture capital firm backed by a host of European corporates, provided an undisclosed amount in series D funding for SumUp in June this year that increased the company’s overall funding to $45m.
Tengelmann Ventures, the corporate venturing arm of retail chain Tengelmann, Life Sreda, the venture capital subsidiary of Life Financial Group, B-to-V Partners, Shortcut Ventures and private investor Klaus Hommels have also invested in SumUp in the past.
