Flypay, the market leader in innovative, state-of-the-art mobile technology for the hospitality industry has secured £7m ($10.7m) Series A funding from Time Out, the global multimedia discovery platform.
Flypay’s award winning pay-at-table technology has revolutionised the customer dining experience in the UK for operators.
Time Out’s investment and strategic partnership with Flypay will enable Flypay to further accelerate its expansion with both restaurant operators and their customers. Flypay has experienced significant growth in recent months as operators look for innovative and intelligent smartphone technology to deliver an exceptional experience in the customer journey.
Flypay’s pioneering pay-at-table technology has dramatically improved the payment process for customers, allowing them to check, split and pay their bill from their smartphone, without needing to find a waiter, all in under one minute. 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.
The business has also seen major growth in adoption of new technologies, including ordering for collection, ordering at the table, and rewards. Flypay recently announced it will be working with Visa Europe Collab, the innovation development centre of Visa Europe, Fuller’s and Zonal, to reinvent the bar tab.
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 Fullers pubs.
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 commented: “Time Out’s mobile engagement is up 200% 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.”
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