Santander has recently put $5m behind ‘MyCheck’, an app that makes it easier for consumers to pay their restaurant bill.
The backing came from the bank’s Innoventures fund, which launched in July, to invest in early stage fintech startups.
MyCheck CEO Shlomit Kugler explains when asked how the investment came about.
“We approached Santander’s Innoventures Fund after the fund was announced in July last year…The fund’s focus on fintech, particularly mobile payments, made it attractive to us. A conversation started, and we connected with Mariano [Belinky, Managing Director of the Santander Innoventures Fund] in September. We have since moved through the stages to where we find ourselves today.”
Kugler says the additional capital “will allow us to accelerate our growth more aggressively particularly across U.S. and Western Europe. Specifically, we will invest in marketing as well as hire senior business development professionals in key growth markets.”
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