London (10 October, 2016) – Time Out-associate company, Flypay, the market leader in innovative, state-of-the-art technology for the hospitality industry, announced today it has secured a £3.5m investment from Just Eat, the leading marketplace for online food delivery.
Time Out, the global multi-platform media and e-commerce business with food & cultural markets, will hold a stake of 38% in Flypay after the investment from Just Eat.
The investment in mobile payment app Flypay is part of Time Out’s strategy to monetise local businesses and plays an important role in the Group’s transformation into a global multi-media and entertainment business. Time Out’s funding and the latest investment from Just Eat will enable Flypay to accelerate its growth plans for its new Flyt platform. The technology platform has the potential to transform digital experiences for operators and consumers alike across the hospitality industry and particularly the casual dining sector, as it enables integration between numerous technology based services for restaurant, pub and bar operators.
Julio Bruno, CEO of Time Out Group plc, said:
“We invested in Flypay because it’s a hugely innovative company. Its Flyt platform enables B2B integration between numerous technology-based services in the world of hospitality, from bookings, payment and loyalty, right through to delivery and reviews. The ecosystem being built by Flypay is expanding fast and the investment by such a pioneering company as Just Eat proves just how valuable this business and its growth opportunity is.
For Time Out this is a strategic investment in the future of our mobile B2B solutions for enterprise and hospitality clients. We believe it will enable us to integrate more closely with partners in the leisure and hospitality space and this will allow us to monetise businesses – one of our key strategic objectives.
Time Out is about inspiring people to discover, book and share, we want to bring them the capabilities to make the most of a city. Flypay perfectly fits our mission as you can read about the great things a city has to offer, book and even pay for them. The additional investment will allow Flypay to further accelerate their impressive technology platform.”