SumUp, a UK-based mobile point-of-sale technology developer backed by a range of corporates, has raised an undisclosed amount of series D funding from corporate-backed Venture Incubator, TechCrunch reported earlier today.
The company’s total funding was confirmed as €40m ($45m) by chief executive Daniel Klein, who also said the round valued SumUp at several hundreds of million.
SumUp’s device enables merchants to take card payments through a smartphone or tablet. The company currently operates in 12 countries across Europe and in Brazil, and will use part of the funding to expand into two new markets by the end of 2015.
The majority of the funding will be used to support the company’s hardware development as SumUp plans on integrating contactless payments into the next generation of its devices.
SumUp’s existing investors include online discount company Groupon and BBVA Ventures, the corporate venturing unit of bank BBVA.
Payment services firm American Express; Tengelmann Ventures, the investment vehicle of retailer Tengelmann; B-to-V Ventures; Shortcut Ventures; Life Sreda, the venture capital subsidiary of Life Financial Group; and Klaus Hommels have also backed SumUp.
Venture Incubator is backed by robotics company ABB, foods processing and advanced materials manufacturer Bühler, financial services conglomerate Credit Suisse, construction technology company Hilti, food and beverage company Nestlé, pharmaceutical firm Novartis, escalator and lift manufacturer Schindler, insurance provider SUVA, industrial engineering company Sulzer and financial services provider ZKB.