OnTheMonee

OnTheMonee is a fintech company that provides a digital solution for distributing tips to employees in the hospitality industry. Founded in 2023 by fintech experts Tom Cregan, former CEO of EML Payments, and Richard Anderson, the Brisbane-based startup aims to replace manual processes like using spreadsheets and handling cash. The platform integrates with time-and-attendance software to automatically calculate tip distribution based on hours worked, which venues can customize and approve via an online portal.

Employees receive their tips instantly in a digital wallet on the OnTheMonee mobile app, which includes a prepaid digital Mastercard. This card can be used for online purchases and in-store via Apple Pay, anywhere Mastercard is accepted. The service is designed to offer a secure and transparent alternative to cash tips, reducing administrative time for managers from hours to minutes. The business model targets hospitality venues, which subscribe to the service to streamline their tipping process. For employees, the app provides instant access to their earnings without being linked to a bank account.

The company has expanded its offerings with additional features for employees. The 'MOOVE' feature allows users to transfer funds from their digital wallet to a bank account. The 'MOORE' rewards program offers discounts at over 5,000 restaurants and retail stores. Additionally, OnTheMonee has partnered with Skills U to offer hospitality training courses. In August 2024, OnTheMonee acquired Barcats, a hospitality jobs marketplace, to enhance its presence in Australian bars and restaurants.

Keywords: digital tipping, hospitality payments, tip distribution, cashless payments, employee payments, fintech, payroll automation, restaurant tech, digital wallet, employee rewards, tip management, workforce payments, instant payments, hospitality solutions, automated calculations, time and attendance integration, financial technology, mobile payments, prepaid card, staff retention