VC-backed SumUp and Payleven to merge

Kenny Wastell
28 April 2016

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Mobile payment companies SumUp and Payleven, both backed by numerous venture capital firms, are set to merge.

The new business will operate under the SumUp brand, but will continue to offer the separate products currently provided by each company.

The European mobile payments sector has seen significant activity from institutional investors in recent years. As well as deals for SumUp and Payleven, the past 12 months have seen DFJ Esprit Secondaries lead a $16m round for Miura Systems, while Northzone-backed mCash sold its Norwegian operations to banking group SpareBank1 a few months later.

Previous funding
According to unquote" data, SumUp has been the recipient of six funding rounds between 2012-2015. Most recently, BBVA Ventures, Groupon and American Express took part in a €10m round for the firm. Its other backers include TA Venture, B-to-V Partners, Shortcut Ventures, Tengelmann Ventures, Life.Sreda and Venture Incubator.

Payleven most recently raised a $10m series-D funding round led by Seventure Partners, alongside Holtzbrinck Ventures, New Enterprise Associates and ru-Net. Its other backers include strategic investors B Cinque, MePay and Smart e-Money.

Company
Established in 2012, London-headquartered SumUp is a mobile point-of-sale (mPOS) payment platform. The company enables companies to take payments via smartphones and tablets in return for a 1.95% commission.

Berlin-based Payleven also provides mPOS systems, via a mobile card reader and an accompanying app for smartphones and tablets. It was founded in 2012.

The combined group processes more than €1bn per year and operates across 15 countries.

People
SumUp – Daniel Klein (founder, CEO).
Payleven – Konstantin Wolff (co-founder, CEO).