European m-payment startup SumUp unveils a total USD 40 mln in funding

The Swiss venture capital firm was founded by McKinsey & Company and Swiss Federal Institute of Technology in Zurich (ETHZ). The investors of Venture Incubator AG include ABB, Bühler, Credit Suisse, Hilti, Nestlé, Novartis, Schindler, SUVA, Sulzer and ZKB. Venture Incubator AG invests in startup companies in the areas of technology, biotech and IT. Together with the previous investment rounds led by American Express, Groupon, BBVA and other renowned venture capital firms, SumUp increases its total funding to EUR 40 million.

The company will use the new funds to expand its technological position by further building out its open end-to-end payment platform with focus on contactless payments. SumUp’s proprietary platform is a mobile point-of-sale system that covers the entire payment process including Chip-and-PIN card terminals, Android and iOS mobile apps, a payment platform with fully certified EMV processing technology and risk and anti-fraud solutions. Furthermore, SumUp will use the investment to support its continued expansion into new territories. To the current 13 countries, two more will be added this year.