UK's Velocity Acquires Cover Restaurant Payment App

Velocity, the restaurant payment application that is based in the United Kingdom, is making an acquisition of its U.S. competitor, Cover, VentureBeat reported Tuesday (Sept. 22).

Cover is an app through which customers can use their phones to pay for meals, and the firm had raised as much as $7 million in funding before being acquired. Its roster of restaurants tops 350 across New York, San Francisco and Los Angeles and during its latest financing round had been in the midst of integrating its platform with POS tech at its various member restaurants.

That announcement comes after Velocity said it has raised $15 million, according to VentureBeat. The purchase price, or any financial terms of the transaction, were not disclosed.

Velocity for its part already has software working with 400 restaurants across Europe, and that software allows for data access across receipts and other information. The acquisition of Cover means Velocity will now be bringing operations across the pond to the United States. Cover will be able to be used now at 50 restaurants in London, according to VentureBeat.

In an interview with the site, Mark Egerman, chief executive officer of Cover, said that “all of the exciting startups are in the United States right now.” Through the next several months, VentureBeat said, Velocity will be moving its headquarters to the States, specifically New York.

As reported in August, Cover had rolled out an update to its software and had added beacon technology to its offerings. The company, which is two years old, had initially let diners split their tabs at restaurants. The restaurant app space itself has become a bit crowded in recent months, with functions spanning bill sharing and even tracking during a meal to see how the tab is piling up.

To check out what else is HOT in the world of payments, click here.



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.