London-based mobile point of sale provider SumUp has received 10 million euros [$11.2 million U.S.] in funding from investors, including American Express, Groupon and BBVA Ventures.

The new round pushes SumUp's total funding to 50 million euros, the company stated in an Aug. 27 press release.

SumUp says it will use the investment to expand into two more countries this year, giving it a total reach of 15 countries over three continents. It also plans to develop a new generation of contactless products for its end-to-end payment solution.

The funding allows SumUp to be "better equipped than ever to execute on our vision of empowering small businesses all over the world by radically simplifying payments," Daniel Klein, CEO of SumUp, said in the release.

Merchants using SumUp can accept EMV credit and debit cards through their smartphones or tablets. SumUp charges a fee of 1.95% per card transaction in the U.K.

SumUp has been aggressively seeking new markets since last year, when Groupon and BBVA Ventures initially invested in the company.

 

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry