UK-based Flypay has obtained £1 million in its latest financing round, TechCrunch reported.
The funding came from Entreé Capital: a specialist in mobile payments. Six months ago, the startup also secured £150,000 from an unnamed investor in its seed funding round. Proceeds from the latest round will be deployed towards improving the company's technology, getting more partners to sign up on the platform and further improving its product, the report said.
Flypay seeks to provide customers with a "waiter-free" solution to settling their restaurant bill, an event which the company considers as the biggest pain-point in eating out. With the launching of the app, Flypay also intends to hasten the process of paying for their bill.
The Flypay iOS and Android app reduces the bill-paying process from its current average of 10 minutes to less than a minute. A customer first recalls the bill by scanning an on-table QR code/NFC tag. Then with the use of the Flypay app, the customer can then check the bill and pay for it with a credit or debit card. The app also provides the option for customers to divide the bill with whoever they are dining with. They can opt to pay for particular orders or equally split the tab, the report said.
Flypay said restaurant owners are encouraged to sign up with the platform because it allows the waiter to continue catering food to other customers and not be tied up to a customer who wants to settle their bill. According to Flypay estimates, a waiter usually visits a customer an average of three times before their bill is finally settled, the report said.
The app is also capable of offering loyalty programs to customers which it can combine with the marketing and CRM systems of the restaurant. Doing so will allow them to give perks in the form of rewards and discounts to deserving customers or encourage others to visit the restaurant again, the report said.
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