The market's appetite for mobile point-of-sale solutions has yet to be sated. At least that's what some investors are betting when it comes to another European mobile POS company, SumUp. The startup has received a substantial Series A investment from investors led by Shortcut Ventures.

Shortcut Ventures announced the funding on a company blog, but didn't specify the exact amount of the investment — only that it's in the double-digit million euro range. (TechCrunch reported that it's in the $20 million range.) In addition to Shortcut, b-to-v Partners AG and Tengelmann Ventures joined this round of funding.

"We are confident that ... SumUp's disruptive product and its first-class team possesses all the skills to make a breakthrough in the field of mobile payments in Europe," said Thorsten Rehling of Shortcut Ventures in the announcement.

SumUp is launching its services in four countries in Europe: Germany, Austria, Great Britain and Ireland. It fits into the same mold as iZettle — i.e., a Square-like company that provides an app and card-reading dongle that turn a smartphone into a payment terminal. The company's app is available for both iOS and Android operating systems, and its readers can process either mag stripe or EMV chip cards. Merchants are billed 2.75 percent for each transaction. 

For more on this, visit the POS research center.