Mobile Payment Startup Raises $5 million

Waiting a long time for the check at the end of a nice meal can certainly be a damper on the evening, especially if there are other matters that need tending to. Hospitality companies have been seeking ways to remedy this issue as sometimes booming business makes such problems unavoidable.

“A slow payment process can ruin the evening… claim 89% of diners.”
— – Streamline Research

The team behind MyCheck has created a novel app-based payment portal focused on the retail, hospitality and leisure sectors. MyCheck’s technology platform integrates with 27 different Point-of-Sale systems and is built-into a number of apps that together reach more than 80 million consumers. With no special hardware or terminal, guests have multiple payment options to use in the app, including credit and debit cards, Paypal, Apple Pay, Google Wallet and gift cards.

The benefits of using this app are not exclusive to consumers either. Businesses who have adopted MyCheck receive statistics based on user behaviour, enabling the business to offer custom-tailored discounts to frequent customers, enhanced loyalty programs, and seamless transactions – increasing customer retention and creating a desirable system for both parties.

A sound system such as this is exactly the reason MyCheck has received attention from Spanish bank Santander. “We approached Santander’s InnoVentures Fund after the fund was announced last year,” says MyCheck CEO Shlomit Kugler.

“The fund’s focus on FinTech, particularly mobile payments, made it attractive to us.”
— – Shlomit Kugler, MyCheck CEO

A meeting with InnoVentures Fund Managing Director Mariano Belinky last September eventually resulted in the $5 million funding announced just last Sunday.

The money received is meant to speed along internal expansion for MyCheck, with the goal of expanding their services beyond the US, UK, Israel, and Brazil. They have seen a growth in transactions of 320% in the last 6 months alone, “We have already secured hundreds of thousands of users,” says Kugler.

“With Santander’s support we can scale rapidly and capitalize on our leadership position in the hospitality sector.”
— – Kugler

Ideas such as this are exactly why the InnoVentures Fund was founded – to change the fintech landscape as a whole through great advances. With a solid foundation and rapid growth, the future certainly looks bright for MyCheck.