Pension giant Ontario Municipal Employees Retirement System has made its largest investment in a Canadian early-stage technology company, anchoring a $158-million venture financing by Toronto restaurant-software firm TouchBistro Inc. OMERS, which co-led with JP Morgan Chase a $72-million financing by TouchBistro in 2018, is doubling down by investing $100-million in a deal that is also backed by Barclays, BMO Capital and RBC Ventures. It is believed the financing values the company at about $500-million before the cash infusion. It is one of the largest financings of a tech startup in Canada this year and positions TouchBistro, which is expected to generate close to $50-million in revenue this year, for an initial public offering by early 2021, said co-founder and chief executive officer Alex Barrotti. “I’d like to be the next Shopify,” he said, referring to the Ottawa retail-software giant that is now worth more than eBay or Twitter.Read more >
TouchBistro is named The 10 Most Innovative Solution Providers in Food & Beverages 2019 by Insight Success. Read the Q&A with our CEO and founder, Alex Barrotti.Read more >
Barclaycard, the U.K.-based credit card unit of Barclays Bank Plc, said it entered a partnership with TouchBistro to streamline payments processing in restaurants and pubs. Barclaycard is not integrated with TouchBistro, which offers iPad-based point-of-sale technology for restaurants and bars around the world. The partnership will be more efficient and reduce errors during order taking and payment at U.K. restaurants, bars and pubs, particularly when customers split a bill, according to the companies. "We know that getting customer experience right is vital for a restaurant to build loyalty among its clientele," Nicole Olbe, managing director of partnerships at Barclaycard Payment Solutions, said in a company release. "Our new agreement with TouchBistro will help hospitality outlets streamline their processes, thereby driving revenue and allow waitstaff to spend more time with their customers." TouchBistro operates in more than 16,000 restaurants in 100 countries. Barclaycard said it processes about half the debit and credit card transactions in the U.K. and processed $327 billion in transactions worldwide in 2018.Read more >
Barclaycard, which processes nearly half of the UK’s credit and debit card transactions, announced today that it has teamed up with TouchBistro, a global iPad-based POS solution for restaurants and pubs. Through the partnership, Barclaycard’s payment solution is now integrated with TouchBistro, unlocking improved speed and accuracy of the bill-paying process for both restaurants and diners.
Wait staff use TouchBistro to enter table-side or over-the-counter orders and send them directly to the bar or kitchen for preparation, while food pictures and allergen information are all available at the server’s fingertips.
TouchBistro has also partnered with JP Morgan in the USA and EVO Payments in Mexico, teaming up with some of the strongest financial institutions around the world to provide restaurants with integrated payments. This conversion from the ISO to ISV business model in payments is an essential element of the technology renaissance the global restaurant industry is undergoing, and TouchBistro is at the forefront of the evolution.
Barclaycard and TouchBistro have teamed up for point-of-sale (POS) solutions meant to improve customers’ experience in U.K. restaurants, according to a release. TouchBistro makes iPad-based POS systems that handle restaurant orders as well as payments and administrative tasks like staffing. The new partnership integrates Barclaycard into the system and automates things like splitting the bill and calculating gratuity. “We know that getting [the] customer experience right is vital for a restaurant to build loyalty among its clientele,” said Nicole Olbe, managing director of partnerships at Barclaycard Payment Solutions. “Our new agreement with TouchBistro will help hospitality outlets streamline their processes, thereby driving revenue and allowing wait staff to spend more time with their customers. In turn, this allows diners to benefit from an improved customer experience.” Research from Barclaycard shows that half of consumers who eat out at restaurants prefer the bill to be split for them. “TouchBistro is committed to helping restaurants and pubs increase efficiency and improve the customer experience with advanced technology designed specifically for the unique workflows of the busy food service and beverage industry,” said Alex Barrotti, CEO and founder of TouchBistro. “Barclaycard shares this commitment. Our new partnership will offer U.K. restaurants and pubs a modern solution that helps streamline processes to enhance customer engagement and grow revenues.”Read more >
“We have an overall payments attach rate around 60%,” said John Florinis, TouchBistro’s VP of Payments. “This comes as we cross-sell payments into existing customers and onboard new merchants on our payments. Currently new merchants are attaching to our payments in the low 70 percent.” And if that’s not enough, TouchBistro is ending July with an 81% payments attach rate. Even though TouchBistro offers open payments, meaning a merchant can choose whatever processing option they want, TouchBistro is finding that more than 70% of their new merchants opt for their payments processing solutions.Read more >
The Digital Finance Institute is pleased to release its list of Canada’s Top 50 FinTech Companies. To prepare the list of Canada’s Top 50 FinTech Companies, the Institute conducted market research and informational interviews with stakeholders to gather data to help identify the leading companies in Canada. A number of factors, such as disruption of service, scalability, growth, external adoption and innovation were taken into consideration when compiling the list of the top 50 companies. In assessing the factors, we standardized the ranges of numeric variables and measured each company’s score index by calculating the weighted average under the comprehensive consideration of the determining factors listed above. The companies listed represent a wide diversity of sub – sectors in FinTech, capital markets, insurance, Blockchain, RegTech, payments and finance. We are grateful for the input and insight we received from the FinTech and finance community across Canada while researching this report and congratulations to all of Canada’s Top 50 FinTech Companies. The Digital Finance Institute is a think tank for digital finance with three foundational pillars – financial inclusion, responsible innovation, and support for women in FinTech. Today, the Institute is run by Millennials, which we believe is important for Canada’s digital economy revolution. In our work, we represent a strategic link in the digital finance ecosystem among the financial services sector. NGO’s, academia, financial regulators and policy makers to promote financial innovation and vibrancy through thought leadership, engagement, advocacy, research and education. That strategic link comes together at APEC 2019, for example, where the institute is invited to give a talk on AI, banking and regulation to the 21 member countries, which helps promote Canadian innovation.Read more >
Congrats to the fastest growing companies in Toronto for 2019! Toronto is the startup capital of Canada and the finance capital of Canada. That combination makes for some really fast growing companies. The list below is based on our algorithm which takes numerous data points into consideration such as number of employees, employee growth, estimated or actual revenue, growth triggers (such as funding, new locations, M&As, hiring announcements, etc), current job openings, etc. All companies have less than 1000 employees.Read more >
TouchBistro's very own Rhonda Bosch, VP of Customer Success makes the prestigious Digital Finance Institute's Top 50 Women in FinTech that recognizes women disrupting financial services through technology in Canada. For this list, over 400 women were recommended to the Digital Finance Institute by various stakeholders in the industry during the institute’s outreach phase. The institute told BetaKit that the women who were ultimately selected and included in this list were selected based on their leadership, vision, and innovation, engagement and impact, in addition to their commitment to growing and supporting the FinTech community. “Financial technology plays a vital role in the economic development of Canada, as FinTechs disrupt traditional financial services,” the Digital Finance Institute said in the list’s forward. “A digitalized economy, technology innovation, demographic changes and expanding market demands have been key drivers behind the fast growth of FinTech in Canada.”Read more >
TouchBistro’s goal is to reinvent the restaurant experience, per their careers page, and does so via their iPad POS system. For anyone who’s worked in restaurants – or even just eaten at one – ordering digitally streamlines the entire experience.
Growth stems from this corporate vision that is endorsed and supported by TouchBistro CEO Alex Barrotti. The EVO partnership, for example, came from thinking about how to help restaurant owners. TouchBistro knew