• Tech Crunch, Monday, May 9, 2011 11:46 AM

Tabbedout, maker of a platform that lets users pay restaurant or bar tabs via smartphone, just raised $3.7 million in additional funding from New Enterprise Associates. The start-up, which has so-far raised, $6.5 million, partners with restaurants and other establishments to allow users to pay for their bills via the designated app. "Between PayPal, Square and NFC technologies, mobile payments are heating up," TechCrunch writes.

"There's no doubt that your mobile phone will soon serve as your wallet." Unlike other mobile payment platforms, Tabbedout lets users store credit-card information directly on their phones -- encrypted and under pass-phrase protection, instead of on Tabbedout's host servers, TechCrunch points out. "That way, consumers are safe from the threat of lost or stolen credit cards."

The app also lets users search for restaurants in their area that accept Tabbedout, and share their experiences with friends via Facebook, Twitter and Foursquare.

Read the whole story at Tech Crunch »