SumUp, a UK-based mobile point-of-sale technology developer, secured an undisclosed amount of series C funding on Friday from investors including online discount company Groupon and BBVA Ventures, the corporate venturing arm of bank BBVA.
The round, which according to Russian venture capital news source RusBase totalled $13m, was led by Life.Sreda, the venture capital subsidiary of Life Financial Group. It follows an eight-digit funding round believed to be more than $20m, which was raised in July 2013 from investors including Groupon, BBVA and payment services firm American Express.
SumUp previously received $20m in a 2012 series B round backed by Tengelmann Ventures, the corporate venturing unit owned by retail chain Tengelmann, as well as venture capital fims B-to-V Ventures and Shortcut Ventures, and private investor Klaus Hommels.
Operatiional in 14 countries, SumUp’s technology enables merchants to accept card payments on phones or tablets. Funding will support international marketing of the company’s recently launched chip and pin card terminal, PIN+, and the development of its payment service.
Following the latest round, chief product officer Stefan Jeschonnek and chief commercial officer Jan Deepen will step down from SumUp’s executive team, though both will retain equity stakes in the company.