Velocity acquires US mobile payments app Cover Inc.

By Emma Eversham contact

- Last updated on GMT

Velocity is now expanding its reach into the US
Velocity is now expanding its reach into the US

Related tags: Goldman sachs

UK-based mobile payments app Velocity has taken its 'first major step' in its plan for international roll-out by acquiring US mobile payments app company Cover Inc.

Velocity, which was launched last year by friends Alex Macdonald and Zia Yusuf, is aimed at 'global spenders and tastemakers' who want to be able to settle their restaurant and bar bills quickly and easily.

The company already works with hundreds of restaurants in the UK, including Hix Restaurants, Sketch and Gymkhana, but the Cover Inc. acquisition will more than double its reach internationally, adding another 350 restaurants in the US to its business. 

“With the acquisition, we are excited to bring our suite of loyalty, CRM, and analytics tools to restaurateurs in the US, enabling them to identify, attract, and retain high value, trend-setting customers," said Macdonald." We see ourselves as a hospitality company first, and a technology company second – a value shared with our newly expanded U.S. team.”

Velocity was set up by Yusuf, a former executive director at Goldman Sachs and Macdonald after the pair had been frustrated at waiting 45 minutes to pay a bill in a high-end bar. The app allows diners to monitor their restaurant or bar bill, split it if they wish and pay quickly and easily through their phone. It charges restaurants a small fee for each transaction and subscription fees for the analytics programmes it offers. 

“We are helping leading restaurants improve yield by driving more revenue per cover and attracting influencers,” said Yusuf. “Meanwhile, the global spenders and tastemakers want access to the sought-after tables at the best venues. Harnessing mobile payments enables customers to leverage their profiles across the globe, and we are building an international hospitality brand to connect these two constituencies”.

Related news

Show more

Related products

show more

Align reopening plans with customer expectations

Align reopening plans with customer expectations

Shield Safety Group | 15-Jul-2020 | Technical / White Paper

Understanding the customer is a key step in reopening your business. Customers want to experience a worry-free, relaxing environment and ultimately feel...

A Step by Step guide to higher Revenue & Margins

A Step by Step guide to higher Revenue & Margins

EatDirect | 19-Jun-2020 | Technical / White Paper

There are not many industries where the cost of customer retention is the same as acquisition. Unfortunately, in the online food ordering market, too many...

How to reopen safely with mobile ordering

How to reopen safely with mobile ordering

Yoello | 09-Jun-2020 | Application Note

There can be no denying that the rise of coronavirus has changed our industry - perhaps for a matter of months, or perhaps forever.

Related suppliers

Spotlight

Follow us

Hospitality Guides

View more

Featured Suppliers

All suppliers

Free Email Newsletter

Subscribe to BigHospitality

The trusted industry reference point

Get the latest news & analysis from the UK hospitality sector straight to your inbox!