American Express and US-based coupon company, Groupon, have invested a ‘double-digit million euro’ sum into mobile point-of-sale outfit SumUp.
The latest investment in the POS start-up follows a funding round in the second quarter of 2012 that resulted in more than $20mn from b-to-v Partners, Shortcut Ventures, Tengelmann Ventures and business angels.
SumUp said the funds will support expansion into new territories, and strengthen the start-up’s technology base. This includes a certified payments gateway, as well as proprietary hardware and operations systems.
The investment follows SumUp’s recent launch in Russia and partnership with Svyaznoy Group, one of Russia’s largest retail and financial groups.
Werner Decker, senior VP for Merchant Services Europe, American Express said: "We believe SumUp’s skill set and end-to-end payment solution, which offers ease of use, convenience and security, makes them well positioned to play an important role in mobile payments."
The AmEx investment is the latest in a series of bids across a range of similar mobile POS start-ups. American Express invested an undisclosed sum in SumUp competitor iZettle in October, as the card scheme hopes to pick a winner amongst European payment systems.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData