When a magazine invests 10 million euros in a payment application
The online magazine Time Out, dedicated to the discovery of cities, hopes to have found the solution to better monetize its audience and its content. Flypay, a British start-up specializing in mobile payment, has just raised 7 million pounds (10 million euros) from Time. The share taken in the capital has not been communicated.
Founded in 2013, Flypay publishes an application intended for restaurateurs which aims to replace the good old receipt. From their phone, customers order their meals and view the bill at any time, without having to call a server. If there are several at the table, they can also split the bill among all the participants, and each pay their share directly from the app.
The solution was also designed to promote the sale of take-out meals in restaurants as well as for the management of loyalty programs. Finally, the Flypay offer can be integrated into the restaurant’s white label application.
The objectives of the Start-up
The company currently claims around 100 restaurants and bars already using its solution in the UK. But with this new investment, the start-up hopes to accelerate by taking advantage of the network of traders referenced by Time Out. “This investment, coupled with a strategic partnership with Time Out, will allow us to rapidly deploy our solution for operators and users around the world.Says Tom Weaver, CEO of Flypay.
For its part, Time Out hopes to better monetize audience. “This investment illustrates Time Out’s transition from a traditional media brand to a hyper-engaging local mobile commerce platform. You can now find the perfect evening, book it or pay for it (…)», Says Noel Penzer, Director of Time Out in Europe.