BBVA Ventures et al. in €10m round for SumUp

JosУЉ Rojo
27 August 2015

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BBVA Ventures, Groupon and American Express have deployed a combined тЌ10m in capital into British mobile point-of-sale (mPOS) specialist SumUp two months after the company secured funds from VC Venture Incubator.

According to unquote" data, BBVA Ventures' injection into SumUp is the third to date after backing the mPOS specialist during rounds in July 2013 and August 2014. Groupon and American Express are also existing backers of the company since July 2013.

A breakdown of the total €10m investment was not yet provided, but unquote" sources confirmed contributions by all three backers were roughly equal, with BBVA and Groupon slightly ahead of American Express.

The round, coming on the back of an investment by Swiss VC Venture Incubator in June, pushes the capital invested in SumUp up to a total of €50m since its inception in 2012.

Following the investment, SumUp is looking to add two new countries to the 13 in which it is already active. There are plans to enlarge its service offering and launch a new contactless mobile payment platform.

Previous funding
According to unquote" data, SumUp has been the recipient of six rounds since foundation. The first took place in May 2012, when Ukraine-headquartered TA Venture acquired a minority stake in the company.

In August 2012, VCs B-to-V Partners, Shortcut Ventures and Tengelmann Ventures, alongside entrepreneur and Lakestar chair Klaus Hommels, injected a combined €20m into the business.

A year later, the four investors were joined by BBVA, American Express and Groupon in a third round in the double-digit million region, led by the latter two.

This was followed by a fourth investment in August 2014, when Russian VC Life.Sreda became a shareholder in SumUp as it deployed equity alongside BBVA and Groupon.

In June 2015, the mPOS specialist witnessed a fifth round led by Venture Incubator.

Company
Established in 2012, SumUp is a payment platform specialised in end-to-end, mPOS transactions. The company operates a system allowing payments via smartphones and tablets in return for a 1.95% fee it keeps per transaction.

With headquarters in London, the company employs more than 100 people across the UK, Ireland, Germany, Italy, Spain, Portugal, France, Austria, Poland, the Netherlands, Belgium, Switzerland and Brazil.

People
BBVA executive director Jay Reinemann represented the bank's venture arm. Daniel Klein is SumUp's current CEO.