Santander Backs Mobile Payment Startups MyCheck

Mobile payment startup MyCheck has completed its second round of funding, and while its latest backing is nothing to scoff at, experts are paying particular attention to who provided the money.

Spain-based bank Santander has led the Series B round of funding for MyCheck, resulting in $5 million for the startup, according to reports

MyCheck launched in 2011 as a mobile payment service aimed at consumers who dine out. According to reports, however, the startup has since focused more on a B2B model, aiming its efforts toward restaurant loyalty programs. The business works with major restaurant chains including the U.K.’s Prezzo and the U.S.’s Aroma. Reports note that the startup also works with the hospitality industry.

Santander’s fund for startups holds $100 million after its launch only months ago. The venture aims to boost FinTech startups through funding ranging from $10,000 to $10 million, reports said.

According to MyCheck CEO Shlomit Kugler, the support of Santander is a significant move forward for the company. “We approached Santander’s Innoventures Fund after the fund was announced last year,” Kugler said. “The fund’s focus on FinTech, particularly mobile payments, made it attractive to us.”

After initially approaching the fund, Kugler said that they met with Santander Innoventures Fund Managing Director Mariano Belinky last September, leading up to the funding reported on Sunday.

Santander’s financial backing supports MyCheck’s business model that allows restaurant goers to check in to locations and pay through their mobile devices without waiting for a waiter. For businesses and partner restaurants, MyCheck offers data analytics and business intelligence, meaning restaurants can engage with their customers in new ways and promote loyalty.

The company currently operates in the U.S., U.K., Israel and Brazil. With Santander’s new funding, MyCheck plans to strengthen its presence across the U.S. and Western Europe, Kugler said.