Restaurant payment app Velocity acquires US rival Cover
London start-up is looking to expand its global dining network into the "world's premier hospitality cities"
Velocity, a London-based restaurant payment app, has announced the acquisition of US competitor Cover – the app which has more than 350 restaurants signed to its service – as it looks to expand into “the world’s premier hospitality cities”.
Founded by childhood friends Alex MacDonald and Zia Yusuf, Velocity allows diners to reserve, pay and earn rewards from restaurants directly on their phone.
The platform integrates with a restaurants existing Point of Sales (POS) system and claims to increase spend per head by up to 14%. Its network now includes 21 Michelin stars, with restaurants in London, New York, San Francisco and Los Angeles.
Velocity’s MacDonald said of the news: “We are delighted to have completed the acquisition of Cover, the first major step in accelerating our international roll-out. With the acquisition, we are excited to bring our suite of loyalty, CRM, and analytics tools to restaurateurs in the US, enabling them to identify, attract and retain high value, trend-setting customers.
“We see ourselves as a hospitality company first and a technology company second – a value shared with our newly expanded US team.”