Three of SumUp's six co-founders have departed to launch their own ventures, creating an emerging "founder factory" in European fintech. The €8.5 billion London/Berlin-based payments company has produced at least four significant startups, a micro-VC fund, and placed alumni in senior roles at major fintechs—though this mafia remains smaller and younger than those of PayPal, Revolut, or N26. The most notable success story is Zeitgold, founded by two SumUp co-founders, which was acquired by Deel in 2021 after raising €55+ million.
SumUp was founded in 2012 by six co-founders: Daniel Klein, Marc-Alexander Christ, Stefan Jeschonnek, Jan Deepen, Petter Made, and Alessandro Leoni. The company pioneered mobile point-of-sale solutions in Europe, directly competing with Square's US dominance. By 2025, SumUp serves 4+ million merchants across 36 markets, has raised $997 million, and achieved profitability (EBITDA positive since December 2022).
A pivotal leadership shift occurred in August 2014 when co-founders Stefan Jeschonnek (CPO) and Jan Deepen (CCO) simultaneously departed executive roles, though both remained shareholders. This departure marked the beginning of the SumUp Mafia, as these founders quickly moved on to new ventures, bringing lessons from scaling a payments unicorn.
Zeitgold represents the flagship success of the SumUp Mafia—an AI-powered bookkeeping and payroll automation platform for small businesses that was acquired by global HR platform Deel in August 2021.
| Attribute | Detail |
|---|---|
| Founded | 2015, Berlin |
| Founders | Stefan Jeschonnek (SumUp Co-founder/CPO), Jan Deepen (SumUp Co-founder/CCO), Kobi Eldar (Israeli Defense Forces 8200 alumnus) |
| Description | AI-powered software that automates bookkeeping, payroll, and tax filing for SMBs using OCR and machine learning |
| Total Funding | ~€55-60 million |
| Status | Acquired by Deel (August 2021) |
| Employees at Exit | ~130 (Berlin HQ, Tel Aviv R&D) |
Funding breakdown:
The strategic acquisition by Deel—which was valued at $1.25 billion at the time and has since grown substantially—integrated Zeitgold's AI capabilities into Deel's global payroll infrastructure. Jeschonnek reflected on the journey: "We have come a long way since we first started SumUp. We have grown from a bootstrapped startup in sub-let office to a global technology company."
Rather than only founding operating companies, Jeschonnek and Deepen also launched Discovery Ventures, a micro-VC fund investing in early-stage European startups—effectively multiplying the SumUp Mafia's influence across the ecosystem.
| Attribute | Detail |
|---|---|
| Founded | 2015, Berlin |
| Founders | Stefan Jeschonnek, Jan Deepen (both SumUp Co-founders) |
| Fund Type | Micro-VC, Pre-Seed to Seed |
| AUM | ~€60M+ across multiple funds (currently Fund IV at €40M) |
| Investment Size | €200K-€1M initial checks |
| Portfolio | 60+ companies |
| Geography | Germany, Europe, USA, Israel |
| Team | Added Jasper Masemann as General Partner (2024) |
Discovery Ventures has backed multiple breakout companies. Their portfolio includes stakes in Trade Republic (multi-billion euro neo-broker), Deel (ironically, the acquirer of Zeitgold), Choco (unicorn restaurant supply chain platform), Gorillas (rapid grocery, acquired), Zenjob (staffing platform), Comtravo (corporate travel), and Verbit (transcription AI).
Jeschonnek described their thesis: "Normally we come aboard in the Pre-Seed or Seed round and help the team find real product-market fit. We share our own experiences as founders and open our network."
Michael Schrezenmaier, who served as CEO of Europe at SumUp from October 2021 to February 2024, has emerged as a significant figure in the SumUp alumni network. After departing SumUp in early 2024, he co-founded Incharge Capital Partners—a mobility-focused venture fund backed by industrial heavyweights.
| Attribute | Detail |
|---|---|
| Founded | 2024, Berlin |
| Founders | Michael Schrezenmaier (ex-SumUp CEO Europe), Aleksej Mitrjaschkin (ex-Porsche SE, led Porsche AG IPO) |
| Anchor Investors | Porsche SE (€100M commitment), Deutsche Telekom (via DTCP) |
| Focus | Connected mobility—autonomous systems, clean mobility, battery software |
| Stage | Pre-Seed to Series B |
| Check Size | €100K-€1.5M |
| Team | 12 people including 3 partners |
Schrezenmaier's SumUp tenure: He led SumUp's European operations for 2.5 years, overseeing the company's largest market. Before SumUp, he was COO and Co-CEO at Pipedrive during its unicorn status achievement and sale to Vista Equity Partners.
Notable Incharge portfolio companies:
Max Laemmle, a former Product Evangelist at SumUp, co-founded Fraugster in 2014—an AI-powered fraud prevention platform for e-commerce payments. However, the company's trajectory illustrates the challenges facing alumni ventures in competitive markets.
| Attribute | Detail |
|---|---|
| Founded | 2014, Berlin/Tel Aviv |
| Founders | Max Laemmle (ex-SumUp Product Evangelist), Chen Zamir (ex-PayPal risk, IDF intelligence) |
| Description | AI-powered payment fraud detection for merchants, claiming 70% fraud reduction and 35% higher conversion |
| Total Funding | ~$19 million |
| Peak Employees | ~55 |
| Status | Entered insolvency January 2023; restructured under new ownership |
Funding history:
Fraugster developed an innovative model where Munich Re insured their "Fraud Free" product, taking full liability for fraudulent transactions. The company processed approximately $35 billion in transactions for clients including Ingenico, SIX Payment Services, and Worldline.
January 2023 insolvency: Fraugster Services GmbH entered provisional insolvency proceedings when a funding round tied to an M&A process failed to close. Insolvency administrator Sebastian Laboga of PLUTA sought new investors, and the company appears to have been acquired, though the original founding team has dispersed.
SumUp alumni have extended their influence through active angel investing:
Petter Made, one of SumUp's six co-founders, has built a distinctive post-SumUp career combining operating experience with founder mentorship.
| Current Role | Organization | Description |
|---|---|---|
| Full-Time Partner | EWOR (since Nov 2024) | "Radically selective" founder fellowship with 0.1% acceptance rate |
| Former CPTO | Drooms | Scaled virtual data room platform to nine-figure valuation |
EWOR is a Berlin-based founder fellowship that has committed €60 million to supporting early-stage entrepreneurs (announced April 2025). The program provides up to €500K in funding plus weekly 1:1 coaching from unicorn founders. Other partners include founders of Adjust, ProGlove, and Felyx. Made describes his mission: "Empowering brilliant founders with the right mindset—not just funding—is how you create lasting impact. At EWOR, I'm teaching outliers to operate out of their comfort zone."
| Attribute | Detail |
|---|---|
| Current Role | Chief Banking Officer, Paysafe |
| Previous SumUp Role | Head of SumUp Payments |
| Current Company | Paysafe — major global payments platform |
Delpy's move from SumUp to Paysafe represents a senior lateral transition within the payments industry, taking a C-level banking leadership position at one of SumUp's larger competitors.
| Attribute | Detail |
|---|---|
| Current Role | Head of People, Gigs |
| Previous SumUp Role | People Development Lead |
| Current Company | Gigs — telecommunications startup |
Heinze transitioned from SumUp's people development function to lead HR operations at Gigs, a fast-growing telecommunications company.
| Attribute | Detail |
|---|---|
| Current Role | Non-Executive Director, Chair of SumUp Holding Company Board |
| Previous SumUp Role | CEO of SumUp Limited (Ireland), May 2020-July 2023; Global Head of Risk and Compliance (12+ years) |
Walsh spent over a decade at SumUp, rising from compliance leadership to become CEO of the Irish entity that serves as the gateway to European markets. He transitioned to a board role in 2023.
| Company | Description | Founder(s) from SumUp | SumUp Role | Funding | Status | Location |
|---|---|---|---|---|---|---|
| Zeitgold | AI bookkeeping automation | Stefan Jeschonnek, Jan Deepen | Co-founders (CPO, CCO) | ~€55M | Acquired by Deel (2021) | Berlin/Tel Aviv |
| Fraugster | AI payment fraud prevention | Max Laemmle | Product Evangelist | ~$19M | Restructured (2023) | Berlin/Tel Aviv |
| Discovery Ventures | Micro-VC fund | Stefan Jeschonnek, Jan Deepen | Co-founders (CPO, CCO) | €60M+ AUM | Active (Fund IV) | Berlin |
| Incharge Capital Partners | Mobility-focused VC | Michael Schrezenmaier | CEO Europe | €100M+ (Porsche/DT) | Active | Berlin |
| Person | SumUp Role | Current Position | Company/Fund |
|---|---|---|---|
| Petter Made | Co-founder | Partner | EWOR (founder fellowship) |
| Michael Schrezenmaier | CEO Europe | Founding Partner | Incharge Capital Partners |
| Steve Delpy | Head of Payments | Chief Banking Officer | Paysafe |
| Jennifer Heinze | People Development Lead | Head of People | Gigs |
| Gareth Walsh | CEO SumUp Limited (Ireland) | Non-Executive Director | SumUp Board |
The SumUp Mafia, while smaller than those of PayPal or Revolut, demonstrates a distinctive pattern: three of six co-founders who departed have become active investors, not just operators. Stefan Jeschonnek and Jan Deepen's dual track—founding Zeitgold (successfully exited) while simultaneously running Discovery Ventures (60+ portfolio companies)—creates multiplicative ecosystem influence.
The mafia's geographic fingerprint centers on the Berlin-Tel Aviv axis, reflecting both SumUp's German roots and the Israeli tech talent that co-founded Zeitgold and Fraugster. Most ventures remain adjacent to payments and SMB services, leveraging domain expertise from building SumUp's merchant network.
Michael Schrezenmaier's recent emergence as an Incharge Capital partner—backed by €100M from Porsche SE—represents the newest development, extending SumUp DNA into mobility and climate tech. Meanwhile, Petter Made's role at EWOR positions SumUp experience at the heart of European founder development.
Key metrics of the SumUp Mafia:
Unlike more mature mafias with dozens of alumni ventures, SumUp's talent network is still maturing—the company only reached decacorn scale recently, and the August 2014 founder departures are just a decade old. As SumUp's 3,000+ employees across 20 offices continue their careers, this mafia is likely to grow substantially in the coming years.