Mobile payment app Cake allows customers in bars and restaurants to start a digital tab and pay instantly for their bill using their smartphone.

The company was launched in London in 2013 by American corporate financiers Charlotte Kohlmann, formerly of Deutsche Bank, and Michelle Songy, previously in corporate finance at Coca-Cola.

The solution fully integrates with venues’ point-of-sale systems, enabling them to gather customer insight and marketing data for every transaction.

Cake’s growth rate is averaging 20% week-on-week and it works with around 100 restaurants and bars in central London, including Salt Yard Group and The Rum Kitchen. The company is looking to expand to Europe and the US later this year.