American money

Payment app provider Sunday raises US $ 100 million for North American push

Cash flow will allow the business to expand into Canada and the United States

Author of the article:

Bloomberg News

Alexandre rajbhandari

Mobile payment is booming in the wake of the coronavirus pandemic, as merchants and customers seek a way to avoid contact while paying.
Mobile payment is booming in the wake of the coronavirus pandemic, as merchants and customers seek a way to avoid contact while paying. Getty Images file photo

Payment app provider Sunday raised US $ 100 million to launch a campaign in North America just months after its inception and seed funding cycle.

Coatue Management led the tour de table, with the participation of partners from DST Global, the company said in a statement on Wednesday. Sunday, which allows restaurant patrons to pay via their smartphones by scanning a QR code, raised $ 24 million in April from investors such as Coatue and New Wave, a seed investment vehicle co-founded by the French entrepreneur Xavier Niel.

The money will allow the company to expand into Canada and the United States, as well as hire developers to create new features such as table reservation and ordering. The company, which has 170 employees and 1,500 customers, is targeting 300 employees and 15,000 customers by the end of next year.

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Mobile payment is booming in the wake of the coronavirus pandemic, as merchants and customers seek a way to avoid contact while paying. In France, one of Sunday’s main markets, the total value of mobile payments rose 179% to reach 2.7 billion euros in 2020, according to the Banque de France.

“Eighteen months ago, no one was using QR codes,” said co-founder Christine de Wendel, who was previously director of operations at ManoMano, supported by Eurazeo SE, as well as country manager of Zalando SE for France. “There really has been a revolution in the way people want to pay.

Atlanta-based Sunday was created as an in-house solution for Parisian restaurant chain Big Mamma and split into a separate entity in March. Its application is used in France, United Kingdom, Spain, Canada and United States. Restaurants that use the product include Paris-based one Michelin star restaurant Jacques Faussat, as well as New York-based Happy Cooking, which operates Joseph Leonard. and Fairfax in the West Village.

Bloomberg.com

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