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The financial terms of the deal were not disclosed.
Cover, an app that lets customers pay for meals from their phone, has amassed roughly 350 restaurants in New York, Los Angeles, and San Francisco and raised $7 million in investor funding. The company was in the midst of raising another round of funding to integrate into restaurant point-of-sale (POS) systems when Velocity approached them.
Velocity’s software already integrates with 400 restaurants in Europe, giving it access to line-item data and receipts. With the Cover acquisition, it will now be able to tackle the U.S. market.
“All of the exciting startups are in the United States right now,” said Cover cofounder Mark Egerman. In the coming months, Velocity will be moving its headquarters over to New York.
The Cover app is not shutting down. Rather, users will now be able to use the app at 50 restaurant locations in London.
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