Mobile payments firm SumUp announced on Tuesday that Groupon and American Express had recently joined as the company’s newest investors, following double-digit million Euro Series A funding from b-to-v Partners, Shortcut Ventures and Tengelmann Ventures last year.
“We are delighted to bring on Groupon and American Express as financial investors,” SumUp CEO Daniel Klein said. “Both companies share our vision and our commitment to empowering small businesses. As one of the world’s largest card issuers, American Express is at the forefront of driving innovation in payments. Groupon has proven that it is possible to build a company serving millions of small merchants worldwide in a short period of time. This unique blend of experiences has been a driving factor for us in taking them on as new investors. We are now better equipped than ever to execute on our vision to help make small businesses more successful by radically simplifying payments, reinventing the point-of-sale experience, and ultimately helping enhance merchant-customer relationships.”
All of the company’s investors have vowed further investment alongside Groupon and American Express. California-based Financial Technology Partners advised the company on the transaction.
SumUp will use the new investment to support its expansion into new areas and build its technological leadership by improving its end-to-end payment solution, which is comprised of a proprietary and certified payments gateway, as well as proprietary operations systems and hardware.
Some of the funds will go towards the development of new services, which the company expects will improve point-of-sale transactions to connect merchants and consumers. The announcement comes on the heels of SumUp’s launch in Russia and its partnership with Svyaznoy Group, one of Russia’s largest smartphone retailers and card issuers.