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Bill splitting app Velocity raises $12m

Velocity
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Lifestyle app Velocity has secured $12m in Series A financing as it looks to accelerate its international expansion.

The app, which allows users to split their restaurant bills and earn rewards using their phones, has attracted the attention of an international group of angels.

Investors include former Thomson-Reuters CEO and chair of Morgan Stanley’s Technology Committee, Tom Glocer, and Initial Capital Partner, Shukri Shammas, with Chrystal Capital acting as sole book runners.

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Investor Tom Glocer said: “As the world moves toward a cashless economy and mobile payments grow rapidly, Velocity is well placed to be the leading platform serving restaurant-goers and venues alike.”

Velocity is currently rolling out to over 300 leading venues, many Michelin-starred, and service is expected to be live in thousands of venues across major hospitality cities globally by end-2016.

Velocity was founded by childhood friends Zia Yusuf and Alex Macdonald in 2014 after having experienced first-hand the consumer frustrations of paying in restaurants.

Since launch Velocity partners have seen a 14% increase in average spend of people using the app.

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