The company, which has financial backing from American Express, Groupon and BBVA Ventures, is now present in a total of 14 countries, including Germany, the UK and Brazil. The market entry in Scandinavia follows the company’s recent announcement of a new USD 10 million raise.
Swedish merchants will be using the company’s PIN+ Card Terminal with their smartphones or tablets and will have the option to accept all major credit cards, including MasterCard, Visa and American Express. SumUp will take 1.9% per transaction.
Strategic partnerships with big players in Sweden are to be announced soon, complementing SumUp’s partnership portfolio across Europe, including Unicredit, UBS, Tupperware and mytaxi.
SumUps mobile card acceptance solution is built on proprietary end-to-end EMV payment technology, terminal hardware, and mobile applications. SumUp’s strategy is to charge a percentage fee for each card transaction. The company is authorised as a Payment Institution by the Financial Conduct Authority (FCA) and is Europay, MasterCard, and Visa (EMV) and PCI-DSS certified.
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