MyCheck Finalizes Series A Financing, Raises $6.1M
NEW YORK, NY–(Marketwired – Oct 15, 2013) – MyCheck, the leading checkout app for restaurants and other businesses across 3 major markets worldwide, has concluded a $6.1M Series A round of financing, consisting of an initial $1.7M seed, and $4.2M which completed it. Private investors made up most of the round, in which the Saban Capital Group, former GTC Poland Chairman, Eli Elroy, Colmobil Vice Chairman Yoav Harlap, and the company’s existing investors, the Wertheimer Family, among others, participated. Supermodel Bar Refaeli is also an investor in the company.
This round of funding follows a string of major successes for the company and will enable MyCheck to cement and expand its foothold in the markets it already operates in and accelerate user adoption.
MyCheck was founded in Israel in March 2011 and in a very short period of time has reached many significant milestones including:
- Acceptance at more than 3000 places world-wide
- Established operations in Tel Aviv, London and New York
- Integration into 15 POS systems world-wide
- Average monthly transaction growth rate of 40%
- Merchant of record status
- Joint venture with Mastercard Israel (Isracard)
Eitan Wertheimer, the company’s angel investor best known for the sale of his company Iscar to Berkshire Hathaway, said, “I know many large and small players have been trying to capitalize on the potential of mobile payments. The reason I believe in MyCheck is they understood that the fundamental ingredient for success in business is to provide value to consumers and merchants. In addition, management’s track record in meeting its objectives to date gives us a lot of confidence for the future.”
Beyond allowing users to pay from their phone, MyCheck provides a seamless and unique experience in full service restaurants, by sidestepping the need to wait for the check or the credit card slip. MyCheck users can also split the bill by selecting which items they want to pay for, redeem benefits and automatically punch loyalty cards.
“MyCheck was always more about the experience and the lifestyle, not just the payment. While there are tons of apps that allow you to check in, MyCheck lets you check out with style. The app is tailor made for the life of a New Yorker,” said Tal Zvi Nathanel, MyCheck co-founder and US CEO. “The fact that we have been able to attract a range of merchants from Michelin-rated restaurants, to college bars, salons and over the counter shops, and to secure a loyal user following — the average user in Israel uses MyCheck 7.5 times a month — validates our approach and the value we provide.”
Merchants benefit from the app in multiple ways, with faster turnarounds, less chargebacks, improved customer service and more targeted marketing based on consumption. MyCheck is PCI compliant, meeting the industry’s highest standards for protection of consumer information, and integrates seamlessly with Point of Sale systems. No special hardware is required.
MyCheck is the leading mobile payment provider working in hospitality and beyond, having won first place in the CE Week Mobile App Showdown, second place in the Mobile Tech 2012 competition, and finalist at the GSMA Global Mobile Awards for Best NFC/Mobile Money Product or Service. Merchants benefit from the app in multiple ways, with faster turnarounds, less chargebacks, improved customer service and more targeted marketing based on consumption. MyCheck is PCI compliant, meeting the industry’s highest standards for protection of consumer information, and integrates seamlessly with Point of Sale systems. The MyCheck app is free for users to download. It is user-friendly, and convenient, and promises a unique and streamlined check out experience without having to wait for the check or the credit card slip. When the user presses MyCheckIn in the app, they will see a list of nearby places that accept MyCheck. After selecting a venue and entering their passcode, the app will generate a 4-digit code that is given to the server, bartender or maître d’. Users can then view their bill live at any time and pay at their convenience; they can split the bill and add a tip, get an electronic receipt, and earn loyalty points and other benefits along the way. Once the transaction has been authorized through the app, the server will see a “paid” message on the Point of Sale system. More information is available at www.mycheckapp.com