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Life.SREDA invests in Ukrainian startup Settle

0 31 July 2014

Venture fund Life.SREDA is to invest $1.5 million into mobile payment service Settle, developed by the team behind the Ukrainian loyalty scheme Advice Wallet. The funds will go towards the launching of Settle itself and the development of Advice Wallet.

Settle makes it possible to both order and then pay your bill at a restaurant or café through a smartphone. Your bank card is linked to the app, and registered via a social network such as Vkontakte or Facebook. After this the user can look at the menu, divide up a bill between friends, carry out p2p transactions and receive offers from establishments.

They also plan to use iBeacon technology with the application. A sensor would thus detect when a client arrives with the app, sending them a personal greeting and a discount on one of their favourite drinks.

Establishments can join the programme free, receiving a special tablet with software which tracks the activity of clients and delivers their bill. The service will take commission on every bill.

Stas Matviyenko, CEO Settle: "We took part in lengthy negotiations with Life.SREDA about possible investment in the project Advice Wallet. After discussions with the analysts and investors at the fund we came up with the idea for the mobile payments service Settle, which offers establishments a truly new way to serve their customers. Essentially it is a mobile payments service and loyalty scheme in one app. Together with Life.SREDA we plan to assist establishments with making payment quicker and more convenient."

Aleksandr Ivanov, Life.SREDA partner: "From the very start of the creation of the fund we looked at a huge number of loyalty programmes both in Russia and abroad. We took the decision to invest in Settle, developed by the Advice Wallet team, because they were the first to understand that a loyalty scheme in and of itself is pointless. The key is what it can help the restaurant or bar owner to get from their clients. The client first registers with the programme via a social network, and then the merchant receives information about payments made by the client. This information allows for personalisation, with the help of which the café or restaurant can form a one to one relationship with their clients. Furthermore, we liked the team behind the project. They are young, ambitious and it feels like they have global potential. We will be able to provide them with resources and to access the Russian and international markets."

The trial version is set to be launched on 8th August at the Kiev expresso bar “Chashka”. With the support of Life.SREDA the service will come to Russia, and then to the Eastern European market, starting with Poland.

In August 2013 Advice Wallet received $300k investment from the Russian venture fund Imperious Group. Previously the Ukrainian startup had received $70k from the Happy Farm incubator in 2012.

"We had heard about their idea some time ago, it’s very up and coming. But for us it would be difficult to get involved in a project like that. Having said that, he who dares wins! I think Beverly Hills Diner could experiment with something like that. It all depends on the commission taken on every bill. The lower the percentage, the better the chance it will last." (Anatoly Krivosheya, PR Manager, Beverly Hills Diner)

Source: RusBase.vc

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