Mobile payments company SumUp has secured a new €10 million finance injection from investors including BBVA Ventures, American Express and Groupon.

This takes SumUp’s funding so far to a total of €50 million, and follows the recent investment by Swiss venture capital firm Venture Incubator AG.

SumUp plans to use the cash to expand into new markets, develop new services and roll out a new contactless version of its end-to-end payments platform. This will encompass a proprietary and certified payments gateway, as well as in-house hardware and operations systems.

CEO of SumUp, Daniel Klein, said: “We are delighted to have received two major investments within less than two months. With strong partners such as BBVA Ventures, Groupon and American Express, we are now better equipped than ever to execute on our vision of empowering small businesses all over the world by radically simplifying payments. We can’t wait to offer our solution to even more merchants by launching in new markets later this year.”

Jay Reinemann, executive director of BBVA Ventures, added: “We’re pleased to offer further support to SumUp, who are shaking up mobile payments and creating opportunities for both merchants and customers. They fit the profile of businesses BBVA Ventures wants to invest in and learn from – those disrupting the mainstream for the benefit of the consumer.”

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