SumUp wins funding to expand mobile payments services
A mobile payments startup based in Berlin, Germany, has received the financial backing of large companies like Groupon and American Express recently. SumUp is a relatively new startup company that currently operates in 11 European countries and has helped expand mobile payments throughout the region. Consumers have been growing more comfortable with the idea of mobile commerce and have been demanding new services that are more comprehensive and more convenient for their needs.
Company may be able to establish stronger foothold in Europe
SumUp has announced that it has raised several million dollars in funding from companies that are interested in its approach to mobile payments. The funding is expected to help SumUp expand the services it offers throughout Europe. While mobile commerce has managed to establish a strong foothold in Europe, it is still considered a young sector that faces significant challenges that can derail growth and progress. Appropriate levels of funding could help mobile payments overcome these challenges and find better traction throughout the world.
Large companies currently dominating mobile commerce field
SumUp is not the only mobile payments firm operating in Europe. Several larger companies, such as PayPal, have begun to muscle into the mobile commerce sector in the region, all looking to establish some rapport with consumers and make them more comfortable with the concept of making mobile payments. Whether SumUp will be able to compete with these larger companies is uncertain, but the firm may be able to beat out smaller competitors that exist in the market.
UK consumers show great deal of love for mobile payments
Thus far, consumers in the United Kingdom have been the most willing to embrace mobile commerce. The country already has a robust mobile payments infrastructure. Several companies in the UK have embraced mobile payments, creating a highly competitive environment that has been unaccommodating to smaller companies that are not backed by significant funding. Fortunately for SumUp, both Groupon and American Express have considerable faith in the company.