Mobile payments app Flypay gets £3.5m investment from Just Eat
Just Eat has invested £3.5m ($4.3m) in technology company Flypay, an associate of the publisher Time Out. Time Out, which has expanded from a listings magazine into digital media and food markets, will hold a 38% stake in the mobile payments service following the investment. Flypay provides integration between technology services for restaurants, pubs and bars. Julio Bruno, chief executive of Time Out Group, said the investment would allow the company to integrate more closely with their leisure and hospitality clients.

Takeaway firm Just Eat has invested £3.5 million in tech firm Flypay, an associate company of publisher Time Out.

AIM-listed Time Out said it will hold a stake of 38% in the mobile payments app service following the investment.

Julio Bruno, chief executive of Time Out Group plc, said: "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."

Flypay enables integration between technology services for restaurant, pub and bar operators.

Time Out, which has expanded from a listings magazine into a global digital media and e-commerce group in recent years, has also begun to open food markets. It has one in Lisbon and has plans for London and New York.

Mr Bruno added: "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."