Velocity, a London, UK-based lifestyle app, raised $12m in Series A funding.
Backers included former Thomson-Reuters CEO and Chair of Morgan Stanley’s Technology Committee, Tom Glocer, and Initial Capital Partner, Shukri Shammas, with Chrystal Capital sole book runners.
The company intends to use the funds for international expansion.
Founded by Zia Yusuf and Alex Macdonald in 2014, Velocity allows diners to pay and earn rewards directly from their phone. Currently rolling out to over 300 venues, the service is expected to be live in thousands of venues across major hospitality cities globally by end-2016.
It is now rolling out to restaurants and clubs, including Hix Restaurants, the Galvin Restaurants, Sketch, Gymkhana, Burger & Lobster and Cuckoo Club.