Directors of healthy eating chain Tossed have sunk an undisclosed amount of cash into an early-stage cashless payments firm, as part of a £300,000 crowdfunding round launched last month.
Tossed founder Vincent McKevitt and financial director Neil Sebba have backed Thyngs, a mobile technology platform that turns any physical object into an instant point of sale.
The pair became interested in the company as a possible solution to the glut of payment apps available to retailers and consumers.
Supporting popular mobile payment methods like Android Pay, Apple Pay and PayPal, the Thyngs platform allows brands and businesses to take instant payments from any smartphone using a low-cost sticker.
McKevitt said: “Tossed was the first hospitality business in Europe to go completely cashless, swapping tills for self-service kiosks to support our proposition, simplify operations and increase service. Thyngs’ mission to make it easy for brands to offer frictionless mobile payments and promotions fits well with our philosophy, and their focus on proximity gives them a significant edge over all the app-based alternatives competing for the same consumer.”
Having already developed a sustainable business model for cashless charity donations, Thyngs is now turning its attention to the growing mobile proximity payments market, using crowdfunding to fund future growth and market share.
Neil Garner, founder and CEO of Thyngs, said: “The Thyngs platform works for small and large businesses alike, giving them the ability to offer cheaper and easier to implement cashless payment options, without requiring customer to download an app. This provides a more streamlined and faff-free payment experience, using the technology already built in to smartphones.”
McKevitt and Sebba are no strangers to crowdfunding themselves, having raised almost £1.3m in 2015 to build the unique Tossed brand and presence across London and beyond.