Groupon and American Express Invest in Startup SumUp
American Express and Groupon are collaborating to infuse an undisclosed amount of cash into European digital payments firm SumUp. The investment follows a $20 million-plus financing round that closed in 2012’s second quarter. SumUp enables merchants to accept debit and credit card payments from customers via their smartphones and tablets. It currently only accepts payments via Visa and MasterCard, but it is likely that AmEx will soon be supported. SumUp is available in the United Kingdom, Germany, Ireland, Austria, the Netherlands, Spain, Italy, France, Portugal, Belgium, and Russia. The company says it intends to use part of the proceeds of the latest funding round to expand into new markets. The company, which was launched in Germany in 2011 and is headquartered in Dublin, Ireland, hopes to strengthen its main end-to-end payment product by developing new services and building a point of sale ecosystem that links merchants and consumers. SumUp also expects to benefit from Groupon’s existing relationships with small merchants worldwide.
From “Groupon and American Express Put ‘Double-Digit’ Million Euro Sum Into Payments Startup SumUp”
The Next Web (05/28/13) Wauters, Robin