BBVA joins SumUp extended series-B

Ellie Pullen
09 July 2013

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BBVA Ventures, the venture capital arm of Spanish bank BBVA Group, has invested in Dublin-based SumUp in an extension of the companyтs previous series-B round.

The fresh funding will be used by SumUp to expand outside of Europe, with a particular focus on South America. The company will also continue development of its end-to-end payment solution.

The funding from BBVA comes in the form of an extension on the company's series-B round at the end of May. American Express and Groupon led this round for SumUp, which saw all of SumUp's previous venture capital backers reinvest in the company.

Previous funding
SumUp's series-A round last summer raised a reported $20m from b-to-v Partners, Shortcut Ventures, Tengelmann Ventures and business angel Klaus Hommels.

Company
Founded in 2011, SumUp employs 140 staff and is headquartered in Dublin, with additional offices in Berlin, London, Madrid, Milan and Moscow. The company offers mobile point-of-sale technology to businesses operating in Germany, Spain, Italy, Austria, the Netherlands, Belgium, Portugal, France, Russia, the UK and Ireland.

SumUp provides portable card readers that allow iOS and Android devices, such as smartphones and tablets, to become card payment points for small businesses. The technology is certified to use Mastercard, Visa and Europay and the company charges a 2.75% usage fee per card transaction.

People
Daniel Klein, Petter Made, Stefan Jeschonnek, Jan Deepen and Marc-Alexander Christ are the founders of SumUp. Klein is also the company's CEO. Jay Reinemann is an executive director at BBVA Ventures.