Flypay has secured £7m Series A funding from multimedia agency Time Out to accelerate the roll-out of its pay-at-table technology with restaurant operators and customers.
The investment comes as the mobile payment provider is ramping up its roll-out and scaling up its technology as it works with more restaurant operators.
Tom Weaver, CEO, Flypay commented: “It’s been a phenomenal two years for the business, as operators within the hospitality industry look to become early adopters of our technology to greatly enhance the dining out experience for their customers. This investment, coupled with a strategic partnership with Time Out, will allow us to rapidly deploy our solution for both operators and users around the world.”
Time Out European MD Noel Penzer said mobile engagement with Time Out’s audience is up 200% year on year.
He said: “This investment exemplifies the transition of Time Out from a traditional media brand to a truly engaging hyper local mobile commerce platform. You can now find the perfect night out, book it or pay for it, have an amazing experience and then share it with your friends. We’ll even help you get your taxi home. Your social life, simply made better.”
Flypay’s technology is currently available in over 100 restaurants and bars across the UK including Wahaca, Cabana, Gourmet Burger Kitchen, Jamie’s Italian, Burrito Mama and Drake & Morgan, and will be available shortly in Dirty Burger, Chilango and selected Fuller’s pubs.
Flypay said up to 30% of transactions in restaurants it has installed its technology in are now made using the platform. Flypay recently announced it has been working with Apple on a number of new initiatives around mobile payment.
Last month the company announced it is working with Visa Europe Collab, Fuller’s and Zonal, to launch new technology that is says will reinvent the bar tab for the smartphone generation.
The parties announced at M&C Allegra’s Managed Pub Summit they are creating a solution for operators, customers and for the pub industry as a whole.
The new technology will allow consumers to set up an instant pre-authorised tab through the Flypay app, add others to the tab, see live bill information through a POS integrated approach, and leave at the end of the night without needing to remember to settle their bar bill.
