Tabbedout, which develops an app to allow customers to pay their bar and restaurant tabs using their smartphone, has secured USD3.5 million in funding from Trellis Partners and New Enterprise Associates. The Austin-based company, which has previously taken USD6.5 million from the same investors, expects to raise a total of USD4 million when the round is complete.
The company’s mobile payment software, available on iPhones and Android smartphones, is now used in over 800 locations across the US after the company entered into a nationwide deal with TGI Friday’s in May. Tabbedout plans to use the new capital to secure additional deals.
“We doubled our sales force last month, and with the new funding we’ll be able to pursue large national chains and bigger merchants,” says CEO Paul Fiore.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more