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SumUp, based in Berlin and competing with the likes of iZettle and Rocket Internet’s Payleven, has raised an undisclosed amount led by Swiss backer Venture Incubator. The exact figure is not being disclosed, but SumUp’s CEO Daniel Klein confirms that the total raised by the company to date is now $45 million (€40 million) and that this latest round values the company in the “healthy hundreds of millions.”
Klein tells us that the main purpose of raising more money is to continue expanding into new markets, and to work on the next generation of its payment hardware specifically around contactless payments. Today, SumUp is active in 13 markets — 12 in Europe and Brazil — and there are plans to enter two more by the end of this year, including iZettle’s home market of Sweden. The news comes as we see a lot of ramping up and reshuffling of top dogs in the mobile payments landscape. Apple this week announced that it would be taking Apple Pay international, starting first with the UK.
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