MyCheck, a check-out app for restaurants and other businesses across three major markets worldwide, has concluded a $6.1 million Series A round of financing, consisting of an initial $1.7 million seed and $4.2 million to complete it. Investors incluced the Saban Family; former GTC Poland Chairman, Eli Elroy; Colmobil Vice Chairman Yoav Harlap and the company's existing investors, the Wertheimer Family. Supermodel Bar Refaeli is also an investor in the company, according to a company press release.
"I know many large and small players have been trying to capitalize on the potential of mobile payments," said Eitan Wertheimer, the company's angel investor best known for the sale of his company Iscar to Berkshire Hathaway. "The reason I believe in MyCheck is they understood that the fundamental ingredient for success in business is to provide value to consumers and merchants. In addition, management's track record in meeting its objectives to date gives us a lot of confidence for the future."
Beyond allowing users to pay from their phone, MyCheck provides a seamless and unique experience in full service restaurants, by sidestepping the need to wait for the check or the credit card slip, according to the press release. MyCheck users can also split the bill by selecting which items they want to pay for, redeem benefits and automatically punch loyalty cards.
"MyCheck was always more about the experience and the lifestyle, not just the payment. While there are tons of apps that allow you to check in, MyCheck lets you check out with style. The app is tailor made for the life of a New Yorker," said Tal Zvi Nathanel, MyCheck co-founder and U.S. CEO. "The fact that we have been able to attract a range of merchants from Michelin-rated restaurants, to college bars, salons and over the counter shops, and to secure a loyal user following — the average user in Israel uses MyCheck 7.5 times a month — validates our approach and the value we provide."
Merchants benefit from the app in multiple ways, with faster turnarounds, less chargebacks, improved customer service and more targeted marketing based on consumption, Nathanel said. MyCheck is PCI compliant, meeting the industry's highest standards for protection of consumer information, and integrates seamlessly with Point of Sale systems. No special hardware is required.
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