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London start-up SumUp wins backing from BBVA

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London-based mobile payment start-up SumUp has won an undisclosed investment from Spanish bank BBVA (Banco Bilbao Vizcaya Argentaria).

The company, which counts Groupon and American Express as investors, will use the funding to launch into South American markets.

Founded in 2011, SumUp offers payment terminals to small businesses on smartphones. The company operates out of its London and Berlin offices and is expected to launch in Latin America by the end of the year.

Co-founder Stefan Jeschonnek told the Standard, “Our relationship with BBVA is a great foundation for that.

“Our cards in Europe have all these little chips on them. In the US they have a magnetic stripe. That is very different in terms of the technology and verifications you need to get.”




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