Provider of mobile Point-of-Sale (PoS) solutions
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Other Vertical Application Software
Founded in 2012
Published on 2016-07-21 13:24:05
For personal use only. Not for commercial distribution without Go4Venture’s prior approval. Can only be quoted with the above Go4Venture source mentioned.
© Go4Venture 2017. Source: Go4Venture HTI Database
HUB > Companies > SumUp
From last funding transaction in Aug-2015.
"SumUp allows smaller merchants to accept debit and credit card payments via both smartphone and tablet. SumUp’s
technology is built on proprietary end-to-end EMV payment technology and offers a portable card reader and an app
which is available on both iOS and Android. The company is authorised as a payment institution by the Financial
Conduct Authority (FCA) and is EMV and PSI-DSS certified, ensuring security of the payments.
The merchant needs to bear only one time costs of €79 in order to buy the company’s “Pin+ Terminal” hardware. SumUp has
no monthly fee, however it charges 1.95% for both debit and credit card transactions. In addition to being able to accept
payments with SumUp’s device, businesses can leverage SumUp’s accounting tools, check their sales history, group
transactions by credit card types and send invoices to customers.
Launched in August 2012, SumUp was originally from Berlin, Germany but has now relocated to London, UK. The
company has expanded into 13 countries including Brazil, Sweden and Switzerland. The company’s CEO, Daniel Klein,
claims that at the end of May 2015, the company had over 300,000 merchants using their platform with sales having
doubled in the last six months. In addition, Mr Klein also claims that SumUp is expected to turn profitable next year.
According to 451 Research, the global installed base of mobile point-of-sale payment solutions will grow to 54mn units
in 2019 from 13.3mn units this year. SumUp’s largest competitor is US-based Square, which has raised a total of
$591mn (€528mn) from notable investors including Citi Ventures, Richard Branson and Sequoia Capital. Other
prominent competitors include Sweden-based iZettle, which is also featured in this month’s Bulletin."
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