mPOS outfit SumUp has landed an undisclosed investment led by fintech venture capital firm Life.SREDA. This closed with the participation of existing investors including Groupon, BBVA Ventures and follows last year’s Series B financing round.

The company says it will use the funds to further build out its end-to-end payment solution, which encompasses a proprietary and certified payments gateway, proprietary hardware and operations systems. It will also concentrate on international traction of the recently launched chip and PIN card terminal PIN+, pitched as the first proprietary mobile chip and PIN device of an mPOS provider in Europe.

Alex Ivanov, CFO, Life.SREDA says: “No other mPOS player in the world has focused so much on disrupting the actual technology behind the revolutionary mPOS business model. We are impressed by SumUp’s end-to-end payments capabilities, especially their recently launched proprietary chip and PIN terminal. They are a great addition to our portfolio and we can’t wait to support them in their efforts to build value added services on top of their existing offering.”

Meanwhile, Stefan Jeschonnek and Dr. Jan Deepen, who founded the startup together with Daniel Klein and Marc-Alexander Christ and have held the positions of chief product officer and chief commercial officer, are stepping down from their executive functions. They will remain as shareholders.

Share Story: