Menu visibility control

Video

Events

Startup Surgery

Most Recent

Tech City Voices

Five reasons why starting a tech business is a marathon, not a sprint

Investments

Farmdrop gets £7m from investors including Skype co-founder Niklas Zennström

Tech City Voices

Making gender pay gap reporting work for tech

Press Releases

Redbox Digital Gains Prestigious Magento Global Elite Partner Status
More than £1m transacted using Loot in its first 4 months
HT2 Labs receives Series A investment from City & Guilds Group

Bill splitting app Velocity raises $12m

Velocity
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

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.

UK tech entrepreneurs react to approval of Investigatory Powers Bill

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.

Enter your email address to receive updates straight to your inbox

* indicates required
Send me news on...
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Editor's picks

london marathon

Five reasons why starting a tech business is a marathon, not a sprint
posted 31 mins ago

chickens

Farmdrop gets £7m from investors including Skype co-founder Niklas Zennström
posted 4 hours ago

gender pay reporting

Making gender pay gap reporting work for tech
posted on April 23, 2017

tech stats

Top tech stats: UK FinTech, Brexit, cybersecurity and more
posted on April 22, 2017

startup weekly

Startup Weekly: Just Eat’s FoodTech cohort, TrueStart’s call for applications and much more
posted on April 21, 2017

Divido EP winner

Meet our FinTech Startup of the Year: Divido
posted on April 21, 2017