SumUp announced Groupon and American Express as new investors. The investment follows a double-digit million Euro Series A funding round in the second quarter of 2012, from b-to-v Partners, Shortcut Ventures, Tengelmann Ventures and business angels. All of SumUps existing investors have contributed further investment alongside Groupon and American Express.
SumUp will use this investment to support its continued expansion into new territories, and to strengthen its technological leadership position by further building out its end-to-end payment solution, which encompasses a proprietary and certified payments gateway as well as proprietary hardware and operations systems. Part of the funds will be used to support the development of new services and build a POS ecosystem that connects merchants and consumers.
American Express is committed to delivering value to small merchants and helping them grow their business. We believe SumUps skill set and end-to-end payment solution, which offers ease of use, convenience and security, makes them well positioned to play an important role in mobile payments, comments Werner Decker, SVP, Merchant Services Europe, American Express.