TimeOut, having rebranded itself from traditional media brand to ‘global multimedia discovery platform’, has led a £7m investment round in Flypay, an app that allows you to settle your restaurant bill via your phone.
Flypay will use the investment to expand both its restaurant partners and customer base.
The app lets customers check, split and pay their bill from their smartphone, without needing to find a waiter. According to Flypay, the app lets users do allof this in under a minute, whereas “this process for a small group would take an industry average of 10.5 minutes, from deciding to pay, to settling the bill”.
The demand for innovative mobile payment technology has led to up to 30%* of all transactions in some restaurant partners being processed through Flypay and this is expected to increase with the expansion of Apple Pay and other mobile payment platforms.
Flypay recently announced it has been working with Apple on a number of new initiatives around mobile payment.
Flypay’s technology is currently available in over 100 restaurants and bars across the UK including Wahaca, Cabana, Gourmet Burger.
“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,” Tom Weaver, CEO, Flypay commented.
“This investment exemplifies the transition of Time Out from a traditional media brand to a truly engaging hyper local mobile commerce platform,” said Time Out European MD Noel Penzer.
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