Romanian fintech ialoc raises €500k for international expansion

The Bucharest-based online platform for booking and digital payments in HoReCa industry ialoc has raised €500,000 in a seed funding to expand internationally. The round was led by MaxyGo Invest Holding, Business Review reports

  • Founded in 2017 by Cosmin Magureanu, Dragos Badea and Emil Muthu, ialoc develops an online platform and app for reservations and quick payments in restaurants, bars, and cafes. 
  • After scanning the QR code, the customer can access the digital menu and choose to pay online, without calling the waiter or waiting for the bill. It helps to save the time for clients, and to focus on product quality and service for restaurants. 
  • According to ialoc, its app has been already downloaded by more than 100,000 users. 
  • The fresh round was led by Romanian investor MaxyGo Invest Holding, that supports fintech and foodtech industries. Earlier the company had secured about €300,000 in financing from GapMinder, SeedBlink, and Lister Cap. 
  • ialoc will spend the funding for the further platform development, as well as for international expansion. The company claims that they plan to implement its fast payment solution in over 350 restaurants in Romania and Europe until 2023.