According to the same source, SumUp has already secured Series A funding totaling around USD 20 million. Like rivals Square and iZettle, SumUp works on smartphones and tablets, allowing users to attach card readers to their devices and accept card payments via a dedicated application.
SumUp targets merchants and small businesses which cannot afford the costs and infrastructure required for traditional card payment acceptance services. The company has gone live with its offering following four months if closed beta testing in Germany, the UK, Ireland and Austria, techcrunch.com indicates.
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