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 Flypay’s service for restaurant operators and customers, on the back of it coming together with Visa Europe Collab, the innovation development centre of Visa Europe, Fuller’s and Zonal, to “reinvent” the bar tab.

Currently, restaurant chains including Wahaca, Jamie’s Italian and Gourmet Burger Kitchen are using Flypay techology, with Dirty Burger, Chilango and some Fuller’s pubs set to sign up soon.

Weaver, CEO of Flypay, said: 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.”

Flypay also recently announced it has been working with global technology brand Apple on a “number of new initiatives” around mobile payment. Apple’s 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?
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Prior to closing its Series A deal, Flypay raised seed funding from a number of angels in the hospitality industry and Entrée Capital.

Time Out European MD Noel Penzer commented: “Time Out’s mobile engagement is up 200 per cent year-on-year, proving we don’t just inspire our mobile users with the biggest, best and newest things to do in a city, we also enable and simplify their experience of going out.

“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.”

Time Out’s multimedia platform now covers 107 cities in 38 countries, and has a reported audience of 36m. It launched Time Out Bristol and Time Out Birmingham in 2015, with offerings for San Francisco, Austin and Atlanta added towards the end of 2014. It is majority owned by Oakley Capital, which took control of the business in 2011.