LevelUp, a US-based mobile payment processing app developer backed by internet technology conglomerate Alphabet, has received $50m in funding from investors including financial services firms JPMorgan Chase and CentroCredit Bank.
Wealth management services provider US Boston Capital also contributed to the round.
Founded in 2008, LevelUp originally operated under its legally incorporated name Scvngr (“scavenger”), developing a location-based gaming platform for mobile devices. The company launched mobile payments app LevelUp in 2011 and rebranded the following year.
The LevelUp app enables diners to book tables, pre-order food and pay at restaurants, which can offer rewards through the platform and gain an insight into customers through analytics tools.
The company most recently secured $5m from unnamed investors in April 2016, according to a securities filing. JPMorgan Chase first invested in LevelUp in 2015, though details of the deal have not been revealed.
LevelUp closed a $21m series D round in August 2012, following a $9m extension provided by telecommunications firm Deutsche Telekom’s corporate venturing arm, T-Venture.
The company had achieved a first close of the round two months earlier with the backing of GV, the early-stage corporate venturing arm of Alphabet, as well as Balderton Capital, Highland Capital Partners, Continental Advisors and Transmedia Capital.
GV, Balderton and Highland had previously supplied $15m in series B funding in 2011, adding to a $4m series A round backed by GV and Highland in 2009.