Santander Joins in on Recent Series B for MyCheck
Paying the check has gotten progressively easier thanks to mobile devices, and MyCheck has recently landed a little more funding to help get its mobile solution in front of more diners.
This recently successful Series B round of funding brought in not only a hefty $5 million payday, but also a new investor in the Santander Innoventures Fund.
The investment from the Santander Innoventures Fund actually comes with several advantages. Not only does it come with a substantial sum of money—investments from the Santander Innoventures Fund reportedly tap a pool worth $100 million, and generally start at $100,000—but it also comes with access to Santander’s “expertise and scale.”
That may not mean much, but here, it means that companies that get a Santander investment may get some other help as well, including access to Santander’s vast pool of customers for marketing purposes. Considering that Santander counts over 107 million customers to its credit, it’s clear that getting Santander’s money, and Santander’s nod, comes with quite a bit of benefit.
So what does MyCheck have to offer to a group like Santander? MyCheck actually started life as a consumer app, geared toward offering big restaurant chains a way to allow customers to easily pay for a meal, and offering loyalty program perks as well.
Here, customers need not wait for a waiter’s return trip to a table to pay for a meal, rather allowing the customer to pay right from the table and walk out, thus making the evening meal a little more efficient and the evening just a little fuller overall. But with the new income, MyCheck can offer up some new features, with an eye toward being what amounts to the Uber of restaurant dining. Customers can not only pay a bill, but potentially reserve seating, order ahead with a take-out or eat-in option, and even get offers about special items on hand on the mobile device itself.
Indeed, there’s nothing that throws the same kind of cramp into a night out like sitting around, being done with dinner, but having to wait to pay a check because the waiter has to bring it.
You have a good idea how much you owe, you know what the tip will be, but apparently this is the only person in the world that can supply the ticket you need to pay to get out of the building and get on with the rest of the evening. But with a system like MyCheck, that’s out of the picture, replaced by a few button presses.
MyCheck is planning a significant expansion, and that’s just what it will need to really get anywhere. It’s going to need to sell its services to plenty of restaurants, and the more places MyCheck is useful, the better the future for the app ahead. MyCheck has its work cut out for it, but now it has the cash to go after that work with the proper vigor.