SumUp raises $20m plus to tackle mobile payments in Europe2012-08-24 35
Mobile payments startup SumUp, similar to Square in the US, has raised a double-digit million Series A investment round as it rolls out its smartphone or tablet “dongle” service in Germany, Austria, the UK and Ireland.
The new funds come from Shortcut Ventures, b-to-v Partners, Tengelmann Ventures and early Skype, Facebook and Xing investor Klaus Hommels. The exact sum is unknown but it is believed to be above $20 million, according to TechCrunch.
SumUp, which is based in Berlin, Dublin and London, provides a smartphone hardware add-on that can be used with an app to take credit card payments on a smartphone. The service is aimed at merchants and small business owners who want to be able to make a sale anytime, anywhere.
SumUp takes a 2.75 per cent cut on each transaction. So far, MasterCard, Visa and Europay are on board with other card companies apparently in the queue.
The full launch in Europe this week follows a four-month trial period, and more countries are expected to follow. ““We have grown to a company of over 100 people, and will be using our subsequent investment by our experienced partners to take SumUp to further regions in the months ahead,” SumUp’s CEO Daniel Klein said.
Mobile payments in Europe are rapidly heating up, with iZettle active in Scandinavia and in beta in the UK, Rocket Internet going live with Payleven and suggestions Square – which seems to be the original inspiration for its European peers – possibly on the brink of entering the market.
We say bring it on – the situation in SumUp’s promo video below, with hungry diners in Berlin turned away for not having cash, is far too close to home.