The partnership will allow restaurants already using TouchBistro’s POS system to conveniently apply for financing from Thinking Capital through their TouchBistro account portal.
The iPad point-of-sale (POS) system used by restaurants across Canada, TouchBistro previously closed a $17 million Series B financing back in October. The Toronto-based company is backed by BDC Capital, Huff Capital, Kensington Capital Partners, Relay Ventures, Round13 Capital and other investors. Leading its category in the Apple App store in 37 countries, it is also used by more than a third of Canada’s English-speaking privately-owned restaurants.
Montreal-based Thinking Capital is a leader in the fintech industry. The company provides alternative sources of financing to small and mid-size businesses based on how well a business is run and its resulting cash flow.
Using proprietary data and algorithms to make lending decisions based on a more holistic picture of how businesses are managed rather than on personal financial and credit information, Thinking Capital has provided financing to thousands of restaurants across Canada over the past ten years, and can evaluate a business and its operations in as little as 24 hours to get restaurants the capital they need.
— Thinking Capital (@ThinkingCapCA) February 27, 2017
“With our headquarters in Montreal, Quebec is an important market for us. The idea for the partnership with TouchBistro came about as it is a natural fit,” Thinking Capital CSO Anthony Lipschitz told MTLinTECH.
The partnership will introduce Thinking Capital to restaurants in the TouchBistro network that are more likely to be highly qualified for funding and give restaurateurs access to essential tools and resources to take their businesses to entirely new levels of growth and success. The long-term vision for the partnership is to connect the two technology platforms to drive faster and more accurate decision-making in providing restaurateurs access to capital.
“TouchBistro is a POS leader focused in the restaurant space, where we also have significant presence. Thousands of Thinking Capital customers are restaurant-related businesses and our partnership with TouchBistro will add value for both our customers,” said Lipschitz.
“Thinking Capital is a trusted source for Canada’s small and mid-size business owners that need fast and easy access to financing to help fund their operations or support their growth. By enabling restaurants to apply for financing online and receive a decision so quickly, provides a significant advantage to the many restaurateurs we work with that are looking to invest in their growth,” Alex Barrotti, CEO and founder of TouchBistro said in a press release.
Backed by Thinking Capital, TouchBistro will truly be an all-in-one solution for restaurants.