SumUp Nets New Funding for mPOS Expansion (Aug. 19, 2014)
European mPOS provider SumUp has landed a new investment of more than $10 million to expand operations, including propelling adoption of its recently launched chip and PIN card reader. The Series C funding round was led by Russia-based venture capital firm Life.SREDA, with participation of existing SumUp investors, including Groupon and BBVA Ventures. The investment follows last year’s $20 million Series B funding round. SumUp said some of the new financing will be earmarked for driving further “international traction” of its PIN+ chip and PIN mPOS reader, which debuted in May in Poland and Switzerland. The company also announced that two of its four founders, Stefan Jeschonnek and Jan Deepen, are relinquishing their positions as chief product officer and chief commercial officer, respectively. Both will remain shareholders and “active supporters” of the company, SumUp said.
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