BBVA Ventures, the corporate venture arm for BBVA Group, recently joined American Express and Groupon as investors in SumUp—a German startup and leader in the European market for mobile credit card payments.
SumUp operates in 11 countries throughout Europe and provides solutions for processing credit card payments through mobile devices. The company’s technology allows for acceptance of card payments through EMV chip cards, and it is compatible with Visa, MasterCard and American Express.
The investment—BBVA’s first European investment—aligns with its innovation strategy and positions the company to lead business-oriented payment technologies. BBVA has a venture capital fund dedicated to investments in innovative and new financial services technologies and startups.
Founded in 2011 by Daniel Klein, SumUp provides independent businesses an alternative solution to accept credit card payments and boost sales. It offers a device that attaches to iOS and Android mobile devices, and businesses pay a fee of 2.75 percent per transaction.
“SumUp changes the way point of sale interaction works on a global scale,” BBVA Ventures Executive Director Jay Reinemann said. “At BBVA we pride ourselves in driving innovation in the financial sector globally. That’s why we are very excited about investing in SumUp: In less than a year, the team has proven that they can change an entire industry and enable small merchants to run their businesses more successfully. That’s a great fit with what we stand for.”