SumUp secures €10m from BBVA Ventures and Groupon to go contactless

London-based mobile point-of-sale technology startup SumUp has raised a €10m funding round joined by BBVA Ventures and Groupon, along with original investors American Express.

In a competitive space, the company has said it will use the cash to roll out contactless payments, along with adding two more countries to its global reach across three continents.

This month’s round comes on top of an undisclosed Series D investment made in the company in June, bringing total cash raised to date to €50m.

Daniel Klein, CEO of SumUp, said: “We are delighted to have received 2 major investments within less than 2 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 the in new markets later this year.”

“We’re pleased to offer further support to SumUp, who are shaking up mobile payments and creating opportunities for both merchants and customers,” added Jay Reinemann, executive director of BBVA Ventures. “They fit the profile of businesses BBVA Ventures wants to invest in and learn from – those disrupting the mainstream for the benefit of the consumer.”