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Santander puts $5m in smart payments platform MyCheck

Santander has kicked off payment tech platform MyCheck’s Series B funding round with a $5m investment.

Israel’s MyCheck enables hospitality companies using one of 27 compatible POS systems to integrate services like pay-at-table, split the bill, pay-at-counter, takeaway orders and loyalty into their existing platform. Companies can white-label MyCheck to use in their existing mobile app or website, picking between a range of functionality depending on their need.

MyCheck will use the cash to expand across the US and Europe. Santander’s 107 million retail customers will benefit from being able to check in at venues, pay securely and receive offers straight to their mobile.

The Santander Innoventures Fund was launched in July last year to enable the bank to collaborate and partner with small and startup fintech companies. The company is seeking to build out its digital capabilities with a focus on: delivery of financial services; ecommerce and payments; online lending; online investment products and big data.

Shlomit Kugler, cofounder and CEO of MyCheck, said:

“We have already secured hundreds of thousands of users. With Santander’s support we can scale rapidly and capitalise on our leadership position in the hospitality sector.”