Barclays and JP Morgan Chase invest in TouchBistro
Canada-based restaurant software company TouchBistro has raised CAD $158 million (US $118.8 million) in a Series E funding round with participation from Barclays and JP Morgan Chase.
Led by OMERS Growth Equity, the round welcomes new investors RBC Ventures and BMO Capital Partners, along with existing investors OMERS Ventures, Napier Park Financial Partners, BDC IT Venture Fund and Kensington Capital Partners.
The fintech will use the funding to acquire “complementary products” in a bid to advance its technologies, expand its international marketing presence and grow its team.
“The global restaurant industry is undergoing a technology renaissance, and TouchBistro is leading the way in driving the industry forward,” says its CEO Alex Barrotti.
He adds: “We have teamed up with some of the largest financial institutions in key markets around the world to provide our customers with enriched payment services and easier access to financial services.”
Barrotti is excited to expand his company’s global footprint, which already services more than 16,000 restaurants with its iPad point of sale system (POS) and payments solution, helps restaurants with order taking, payments, accounting, reporting, inventory management and staff scheduling.
OMERS Growth Equity MD Mark Shulgan praises TouchBistro for leading “the restaurant industry’s platform shift from legacy POS to mobile and cloud.”
Recently the fintech revealed its partnerships with the UK’s Barclaycard and Mexico’s EVO Payments to provide integrated payment solutions.
“At least half of all new restaurants that open in Toronto use TouchBistro,” says Barrotti, “and we are confident we can achieve that level of success in other cities all over the world.”