Member Article

Restaurant payments app raises £300k in 24 hours

Since the London-based mobile payment app Cake yesterday opened the doors on its second round of funding on the UK’s leading investment equity site Crowdcube yesterday it has already raised over £300k.

The startup is raising £800k, to fund growth in London and Los Angeles.

Brainchild of two former corporate financiers, Michelle Songy and Charlotte Kohlmann, Cake’s mobile payment app is used to share and pay bar and restaurant bills.

In a Cake-registered restaurant or bar, users can access the easy-to-navigate app to allocate drinks or food to friends in the group and pay or split the bill as they choose.

Kohlmann, 29, co-founder and CEO, said: “We saw a gap in the food and drink service market when we launched with faster and easier way for friends to share and then pay their restaurant or bar bills. When people can pay faster, they are happier. And restaurants can serve more customers and build a reputation for fast and efficient service.”

Cake is live in more than 20 restaurants and bars so far, including Comptoir Libanais and The Rum Kitchen in Soho. The service will expand to more than 100 sites by the end of the year. Company headcount will bloom from 16 to 50 by the end of 2017.

Luke Lang, co-founder of Crowdcube, said: ’More businesses are coming onto Crowdcube for their second or third funding rounds, which represents a real shift in the size of business funding on our site. Investors now have a choice of innovative start-ups and more established, growing businesses run by seasoned entrepreneurs. Three quarters of our funded businesses are growth or early-stage.“

This was posted in Bdaily's Members' News section by Ellen Forster .