The funding round is backed by Spanish financial institution Santander via its recently launched Santander Innoventures Fund.
The USD 100 million fund launched in July 2014 with a remit to invest in early-stage fintech startups, with investments ranging from USD 100,000 to USD 10 million, so right across the board of early-stage. As well as capital, its portfolio companies are said to benefit from Satander’s “expertise and scale,” with the potential to have their product marketed to the bank’s 107 million-plus retail and commercial customers across Europe and the Americas.
Initially launched as a consumer app in 2011, MyCheck has since pivoted to more of a B2B model, providing a platform that enables mobile payments/loyalty for restaurant chains (such as Busaba and Prezzo in the UK and Blockheads and Aroma in the US) and the hospitality industry more generally.
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