Barclays Bank, RBC Ventures, BMO Capital Partners and JPMorgan Chase have participated in a C$158 million funding round in iPad POS outfit TouchBistro.
Founded in 2010, TouchBistro's iPad point of sale system has been developed specifically with the needs of the restaurant trade in mind, catering for order taking, payment processing, menu management, sales tracking and reporting, and staff scheduling. The company, which currently serves 16,000 restaurants in 100 countries, has processed more than US$11 billion in annual payments through its payments platform.
The firm says the new funds will be used to support further product development, acquisitions and expansion in existing and new markets, and to increase the size of the team over the next year.
TouchBistro recently struck a deal with Barclaycard to process payments through the app, cutting out human intervention and improving the accuracy of the bill-paying process. The company already has a strong relationship with Chase, adopting its WePay mobile EPOS for payment at the table.
The funding round was led by Canadian pension plan Omers, who together with JPMorgan Chase participated in a C$72 million capital raise for TouchBistro in June last year.