Time Out invests £7m in mobile payment app Flypay
Payment technology firm Flypay has secured £7m funding from multimedia guide business Time Out.
The funding, which is the first significant round of financing received by the company, will enable Flypay to continue its growth in the pay-at-table market.
Time Out's European managing director Noel Penzer said it had made the investment to enhance its mobile offer and simplify the experience of going out for its users.
Flypay is currently available in 100 restaurants and bars including Wahaca, Cabana, Jamie's Italian and Drake & Morgan. It is also soon to be available in Dirty Burger, Chilango and selected Fullers pubs.
Flypay said that this investment would enable it to accelerate its expansion with restaurant operators.
In the pub market it is working with Visa Europe Collab, Fuller's and Zonal, to develop a solution to replace the traditional bar tab.
Flypay chief executive Tom Weaver 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."
Penzer added: "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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