Financial services firm Santander has exited US-based mobile payment technology developer MyCheck through an acquisition of undisclosed size by diversified corporation Ofer Global’s technology investment vehicle, OG Tech Ventures.
Founded in 2011, MyCheck develops mobile payment products for the retail and hospitality sector. Clients can use the technology to create their own online ordering systems and apps, as well as systems that allow them to accept payments from customers’ mobile devices.
Ofer Global chairman Eyal Ofer said: “This acquisition will support the tremendous contribution MyCheck is making to the global hospitality industry, primarily in mobile payment engagement.
“MyCheck is fast becoming a disruptor in hospitality through its mobile payment technology and the seamless guest experiences that it creates. With our support and long-term approach to building global businesses, we look forward to seeing MyCheck continue to expand and seize exciting opportunities for the company.”
Santander provided $5m in series B funding for MyCheck in 2015 through its strategic investment subsidiary, Santander’s InnoVentures.
Undisclosed angel investors had invested $1.9m in the company across two rounds, before Saban Capital Group, the Wertheimer Family and private investors Eli Elroy and Yoav Harlap supplied $4.2m in a 2013 series A round.