UK start-up, mobile payments and loyalty platform Velocity has acquired US mobile payments brand Cover.
The acquisition marks the beginning of the company's expected expansion as it plans to improve its network across a host of global cities, which in London currently includes Hix Restaurants, Sketch and Gymkhana.
The company claims that guests using Velocity are more likely to be more affluent and build loyalty with their preferred restaurants, and spend 14% more than the average customer. The mobile payments app is currently accepted at over 350 restaurants across the US.
Velocity, which bills itself as a "digital hospitality service" for "high-value customers", was co-founded by childhood friends Zia Yusuf, a former executive director at Goldman Sachs, and Alex Macdonald, who previously managed the acquisition and growth of manufacturing companies.