Groupon and American Express invest in mobile payments firm

A MOBILE payments company has secured tens of millions of euros in funding from investors including Groupon and American Express.

SumUp, which is based in Berlin and operates in 11 European countries including the UK, yesterday announced that it had bagged the “double-digit million euro” fundraising as it attempts to tackle the nascent mobile payments market.

The firm’s card reader plugs into a smartphone or tablet, allowing small businesses and individuals such as taxi drivers to accept card payments on the move rather than dealing with cash. Similar devices from Square – Twitter founder Jack Dorsey’s mobile payments firm – are common in the US.

Data released today by another payments firm, VocaLink, claims that Brits are far more happy to adopt mobile payment services set up by their banks than those from the likes of SumUp.