Bar Refaeli invests in smartphone payment co MyCheck

Refaeli, together with the Saban, Wertheimer, and Elroi families have invested $1.7 million in the company.

3 September 12 16:28, Tzahi Hoffman

Bar Refaeli has invested in smartphone payment app developer MyCheck Ltd. as the company tries to enter the field with high profile investors, after completing an 18-month pilot. The Saban, Wertheimer, and Elroi families, together with Refaeli, invested $1.7 million in the venture.

MyCheck's concept is that there is no need for an embedded chip in smartphones to make payments, which are carried out by an application. The user downloads the app, and receives a new random four-digit code which he presents at the point of sale. The user pays the bill, including a tip, directly via the app.

The app makes the payment by one of three ways: inputting credit card details, via a PayPal account, or fast payment for Pango customers without the need for a credit card.

"The investment in MyCheck suits me both personally and business-wise," said Bar Refaeli. "The app is like a glove. All my activities are by smartphone, from Twitter to Instagram and keeping in contact with my family and friends around the world. Now my payment experience will be mobile."

Refaeli is a partner in other start-ups. A year ago, she co-founded underwear brand Under.me with David Balsar.

MyCheck is already accepted by the CafeCafe cafe chain, Sonol Israel Ltd. gas stations and convenience stores, and has a cooperation agreement with the Tempo Beer Industries Ltd. (TASE: TMPO) customer club, offering a free bottle of Goldstar beer with purchases and other benefits.

MyCheck is available for iPhones and Google Android-powered smartphones, and the company is considering developing a version for Microsoft Windows Phone. The company is also launching simultaneously in London and New York.

Published by Globes [online], Israel business news - www.globes-online.com - on September 3, 2012

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