US-based MyCheck, which has developed an app to simplify paying restaurant bills, has secured a $5m series B round from financial institution Santander’s InnoVentures fund.
MyCheck raised a $4.2m series A round in 2013 from Saban Capital Group, Eli Elroy, Yoav Harlap and the Wertheimer Family. Unnamed angel investors previously provided $200,000 in seed funding and $1.7m in angel funding.
Founded in 2011 in Israel, the company now also operates in the UK, the US and Brazil. It was originally developed as a consumer app but later pivoted to a business-to-business model aimed at restaurants and hospitality sector.
The app has an in-built loyalty programme that is adapted to a customer’s spending habits. The series B funding will be used to support further growth across the US and Western Europe.
Shlomit Kugler, chief executive of MyCheck, said: “We approached Santander’s Innoventures Fund after the fund was announced in July last year. The fund’s focus on fintech, particularly mobile payments, made it attractive to us.”