Italian mobile POS startup Jusp has secured $6m in funding to launch an app and dongle system that turns mobile phones into card payment terminals.
The funding was raised in a round led by VCs Principia Sgr and Vertis Sgr, and will help launch the system in Italy and other European countries.
Jusp joins Sweden’s iZettle, German-based Payleven, the UK’s mPowa, and Amerian invaders Intuit and PayPal in the bustling European mobile payments market.
Unlike its rivals, the firm’s chip and PIN reader attaches to mobile and tablets via the audio jack, rather than using bluetooth, meaning merchants do not have to work with two devices.
Use of the audio jack also makes it possible to avoiding Apple licensing fees. This means that the pricing for the iOS and Android compliant unit, comes in at 39 and levies a 2.7% merchant fee for any transaction.
In comparison, iZettle’s Chip & PIN costs 49 and Payleven is also priced at 49. With iZettle, merchants pay 2.75% of each transaction amount.
Jusp claims that it has attracted interest from banks in Europe and the US and will look to work with partners to launch in some countries, while going in directly in others, such as Spain, France and Brazil.
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