Flypay raises £1m from Entreé Capital to launch “disruptive” restaurant app
Mobile payments start-up intends to end restaurant ‘bill chase’
Early-stage mobile payments app Flypay has announced it has closed £1m from venture capital firm Entreé Capital to support its roll out across the UK.
London-based Flypay is a free-to-use app which claims to end the “10 minute restaurant bill chase” by making it easier and quicker to pay for a bill at the end of a meal.
Users are able to view their bill by scanning a unique on-table QR code and if wishing to split the bill, can use their smartphone to check, split and pay the amount in less than a minute.
Leading restaurant brands Wahaca and Burrito Mama have already partnered with the company to incorporate ‘powered by Flypay’ technology into their websites; allowing customers to order and pay for their food on the site and then collect it from their local branch, bypassing queues.
It intends to use the investment to scale its app and attract other high street brands to use its technology, and it will also fund the development of additional “cutting edge” solutions for the restaurant industry.
Discussing the idea behind the app, Flypay co-founder, Tom Weaver said: “Our research revealed that paying for a meal was consistently the most frustrating experience when [eating] out,
“The reality is trying to catch the eye of a waiter marks only the start of a laborious three-step process of paying for your food and drink.
“By this time customers have already finished the fun bit of their night and are ready to move on – and it’s made worse if there’s a large group involved trying to divide the bill, as the chip and pin machine is passed slowly around, one by one.”