SumUp raises Series D funding round

Berlin’s SumUp mobile point-of-sale payments startup, now headquartered in London, has raised a Series D funding round that takes the total it has raised since it launched in 2012 past €40m.

Although the company did not reveal the exact figure, saying it is in the “single-digit” million euros, previously disclosed rounds saw the company almost tipping €30m.

SumUp says it will now focus on contactless payments, which are already taking the UK by storm with the proliferation of contactless debit cards, and are soon to go properly mobile with the launch of Apple Pay in July.

The company provides mobile point-of-sale tech for “thousands” of stallholders and others wanting to quickly accept card payments, along with a transaction platform that works across iOS and Android.

SumUp charges 1.95% per transaction, below the average among this crowded field, which includes Amazon, PayPal, Square and iZettle.

It has steadily grown out the number of countries served, going from 11 in 2013 to 13 this year, with another two to be added later on in 2015.

The investment has been made by Swiss VC firm Venture Incubator, whose investors include: Credit Suisse, Nestlé and Novartis.

Daniel Klein, CEO of SumUp, said: “The investment of Venture Incubator AG is a further validation on our way to become the global market leader of electronic payment acceptance. 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.”