European mPOS provider SumUp closes funding round
Russian fintech venture capital firm Life.SREDA, along with Groupon and BBVA Ventures, invested an undisclosed amount of funds into the London-based company.
Mobile point-of-sale company SumUp today announced an investment round led by Russian fintech venture capital firm Life.SREDA. The round was closed with the participation of the existing investors, including Groupon, BBVA Ventures and other renowned venture capital investors, and the investment follows last year's double-digit million dollar Series B financing round, according to the announcement.
London-based SumUp will use the new funds to further build out its end-to-end payment solution, which encompasses a proprietary and certified payments gateway, proprietary hardware and operations systems, according to the press release. Furthermore the funds will be dedicated to propelling international traction of SumUp's recently launched chip-and-PIN card terminal "PIN+," which the compnay calls the first proprietary mobile chip-and-PIN device of an mPOS provider in Europe.
"We are excited to bring on a new investor that has a deep knowledge of the global fintech space," Daniel Klein, CEO of SumUp, said in a statement. "Life.SREDA is building an ecosystem of companies disrupting a wide range of financial services and products. We are happy to become part of this network and are looking forward to realizing synergies with some of their portfolio companies in the future. At the same time we are reassured by our existing investors' continued support of our vision to become the global mPOS leader."
SumUp today also announced a change to the executive team. Stefan Jeschonnek and Dr. Jan Deepen, who founded SumUp together with Daniel Klein and Marc-Alexander Christ and have so far held the positions of chief product officer and chief commercial officer, respectively, are stepping down from their executive functions at the company.