When serial tech entrepreneur and investor Daniel Klein says he wants his company to become ‘the world’s first ever global card acceptance brand’, he means it. Klein is the co-founder and CEO of European mobile point-of-sales company SumUp (based in London and Berlin) and a veritable veteran of the fintech industry, having founded and played a crucial role in the success of Moneybookers (now Skrill).
Often described as the ‘Square of Europe’, SumUp enables small merchants to accept card payments in 13 countries, including the UK, Germany and Brazil. The company was founded three years ago and has a fair share of competitors in these parts, most notably iZettle, Payleven, PowaPOS and PayPal (Here).
I caught up with Klein in Berlin recently on the fringes of the Tech Open Air festival for a video interview, and he informed that he thinks the number of rivals in the card payment acceptance space is actually quite low relative to the size of the global opportunity.
Unlike many of its competitors, SumUp has opted to rely on third parties as little as possible in order to maintain end-to-end control of the entire payment system, Klein explained during the interview. Indeed, SumUp differs by building proprietary software and hardware to cater to small and medium-sized merchants in an ever-expanding number of markets.
SumUp has raised about €40 million in funding to date, from Russian fintech VC Life.SREDA to capital injections coming from the likes of Groupon, BBVA, American Express and Klaus Hommels. Its latest round, closed very recently, came from Venture Incubator AG, a firm that includes ABB, Bühler, Credit Suisse, Hilti, Nestlé, Novartis, Schindler, SUVA, Sulzer and ZKB.
The company is also seeing decent growth. Asked to share some numbers about its current traction, Klein said SumUp has managed to grow revenues six-fold in the last twelve months, projecting the startup to be profitable by next year by doubling down on the markets it’s been active in so far as well as expanding into emerging markets around the world.
Klein also talks about the challenges of starting a globally scalable fintech company out of Europe, SumUp’s long-term vision and what’s next on its product roadmap. Enjoy the interview.
Video and featured image credit: Tech.eu