Settle, a Kiev, Ukrain-based provider of a mobile payment app , raised $1.5m in venture capital funding.
Moscow-based venture fund Life.SREDA made the investment.
Led by Stas Matviyenko, Settle is a mobile payment service for restaurant-goers in Eastern Europe. The app lets restaurant/bar customers order, settle the tab, and tip from their phone. It connects with the user’s bank card but doesn’t store that information. Safety is guaranteed by the bank-partner. Restaurants using Settle are provided tablets with the technology and can view customer and billing info (including detailed analytics). Future versions will integrate with POS systems.
The service, which is expected to launch officially on August 8th in Kiev, to be followed by debuts in Moscow and Warsaw (with Eastern Europe as their initial target market), charges a commission on each bill, and subscription is free.
The company also plans to add iBeacon technology and, beyond restaurants and bars, sees applications for gas stations (where in Ukraine/Russia/Eastern Europe people currently can’t pay at fuel stations), as well as taxis and retail.