Time Out, a global media brand that now straddles mobile, website, magazine and events, has led the transaction and hopes the deal will supplement its ambition to become a truly engaging hyper local mobile commerce platform .Set up by entrepreneurial duo Tom Weaver and Chris Evans in 2013, Flypay provides services aimed at paying at the table, ordering and collecting, paying at the bar and loyalty. The money raised will go towards acceleration of Flypays service for restaurant operators and customers, on the back of it coming together with Visa Europe Collab, the innovation development centre of Visa Europe, Fullers and Zonal, to reinvent the bar tab. Currently, restaurant chains including Wahaca, Jamies Italian and Gourmet Burger Kitchen are using Flypay techology, with Dirty Burger, Chilango and some Fullers pubs set to sign up soon.
Weaver, CEO of Flypay, said: Its 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. Flypay also recently announced it has been working with global technology brand Apple on a number of new initiatives around mobile payment. Apples new payment technology, Apply Pay, was launched in the UK earlier in July and is currently being employed by services such as London Underground. Read more about Apple Pay:
- What will Apple Pay mean for British SMEs and the UK’s retail industry
- British businesses respond to UK launch of disruptive retail channel Apple Pay
- Barclays attacks Apple Pay and further disturbs payment sector with bPay wearables
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