European Square Rival SumUp Gets Funding Boost From Groupon, AmEx

SumUp, a mobile payments firm that could be considered a direct European rival to Jack Dorsey’s American Square operation, has earned some serious financial backing from Groupon and American Express.

Though the exact figure is undisclosed, it is said to be in the “double-digit” millions of euros range–perhaps as much as $20 million in equivalent cash if the company’s similar initial funding figures are anything to go by.

SumUp is one of a number of E.U. mobile pay firms that offer a smartphone card processing solution broadly equivalent to Square’s hardware and business model. Unlike Square, SumUp’s card dongle can support the chip-and-PIN card system used in the E.U.

SumUp operates in 11 E.U. nations, including Russia, the U.K., and France, and says it will use part of the new capital to expand this list. Square recently announced its plans to make its first overseas foray into Japan.KE