SumUp adds BBVA as investor in preparation for its planned expansion into South America
SumUp expands Series B round with investment from BBVA BBVA Ventures, the Group’s corporate venture arm, which operates in the U.S. through BBVA S.A.’s representative office in San Francisco, will lead the investment
London – July 9, 2013
SumUp, the company that empowers local business, today announcedBBVA as a new investor. BBVA has undertaken this investment within the scope of its strategic initiative BBVA Ventures.The investment is an expansion of SumUp’s previously announced Series B round led by American Express and Groupon.
As BBVA is a multinational group which provides financial services in more than 30 countries, and one of the leading players in South America, part of the funding will be used to support SumUp’s planned expansion into South America. SumUp is also present in Spain and Portugal, two of BBVA’s main markets, and the investment will also enable the company to further increase its activity in these regions.
Furthermore, SumUp will use the Series B investment to strengthen its technological leadership position by further building out its end-to-end payment solution, which encompasses a proprietary and certified payments gateway as well as proprietary terminal hardware and operations systems.
Jan Deepen, co-founder of SumUp and responsible for its international expansion, explains: “We are delighted to bring on BBVA Ventures as a new financial investor. International expansion is a key component of our growth story. Having BBVA as a strong partner at our side as we expand to regions beyond Europe – in particular South America – is invaluable. We’re looking forward to the great things we will achieve together with BBVA as we continue to reinvent the point of sale experience worldwide.”
Jay Reinemann, Executive Director, BBVA Ventures, comments: “SumUp changes the way point of sale interaction works on a global scale. 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.”
The investment follows SumUp’s recent launch of the SumUp Point of Sale Box in Germany, a complete plug and play package that gives every merchant access to an affordable and easy-to-use point of sale system that can be set up a within minutes on a merchant’s counter.
Media contact: Robert Bownes | [email protected] | +44 20 7324 6190
About BBVA Ventures
BBVA Ventures is a BBVA Group strategic initiative. It operates in the U.S. through BBVA’s representative office. BBVA will invest $100 million in startups from all over the world looking to transform the financial services industry.
BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.