PaidEasy, a New York City-based mobile payments startup that specializes in restaurants, Wednesday announced a seed round of funding valued at $2 million from private investor Ivor Ichikowitz.

PaidEasy said in a press release that it launched out of beta just this week and plans to use the money to establish a footprint in New York City and the surrounding area. Gregg Jackowitz, CEO of PaidEasy, said that the money will go directly into acquiring new merchants; furthering its technology development; and bringing on sales and marketing personnel.

PaidEasy gives its users the ability to open, view, split, tip and pay their bills in real time. To begin, the service will be available at restaurants and bars; other verticals in the hospitality industry are planned for the immediate future, according to the announcement.

PaidEasy said a key differentiator in its approach is that it does not require any hardware changes or installations, just a software upgrade to the merchant's existing systems. Jackowitz also said PaidEasy has the ability to reduce processing fees for its merchants to 1.9 percent through strategic partnerships it has formed.

PaidEasy has already integrated with Apple Pay, Yelp, and Uber, according to the announcement.