US mobile payments start-up LevelUp will use a new $50 million funding injection to expand the service across the country, increase its headcount and further develop the product.
The app, aimed primarily at food outlets, combines mobile payment and remote ordering with loyalty card functionality.
In addition to its app-based services, the company provides retailers with an analytics platform to improve personalisation of offers, which it said enhances customer experience.
Its latest funding round saw the company expand existing investments from companies including JP Morgan Chase and US Boston. Previous investors also include Google’s venture capital arm.
LevelUp currently works with 200 brands across the US and its technology was integrated into Chase Pay, JP Morgan Chase’s payments app.
Discussing the progress of the company in a blog, LevelUp founder Seth Priebatsch said: “Today’s announcement reinforces the work we’ve done with restaurants nationwide. In my conversations with investors over the last ten years, I’ve always focused on finding partners that share our passion for technology and the restaurant industry.”
“Not only do they bring a strong financial backing to the company, but some of them are also using our platform to provide even more value to their customers.”
By adding loyalty services, LevelUp’s proposition looks to be tapping into a trend seen as one of the key drivers to the growth in payment apps, according to a study published in February by analyst company Ovum.