Tab Payments

Tab Payments, founded in 2013 and headquartered in Toronto, Canada, started as a mobile application for restaurant reservations and payments. The company was later acquired by Velocity Black on October 15, 2015. The initial application focused on providing a seamless dining experience through mobile technology.

The company has since evolved into Tab Commerce, a financial technology firm that provides a comprehensive financial operations platform specifically designed for the restaurant industry. Co-founded by CEO Ty Wilson and CTO Sam Unterman, the team has deep roots in the restaurant business, having worked in various roles from dishwasher to owner. This firsthand experience informed the development of a platform aimed at solving the complex financial challenges faced by restaurants, such as volatile cash flow and managing numerous vendors.

Tab Commerce's primary offering is a unified platform that integrates with a restaurant's existing POS and accounting systems to manage operating cash flows in real-time. This system sits between revenue sources and primary bank accounts, allowing for the creation of virtual operating accounts for each location. Key features include corporate and purchasing cards, spend management software, expense automation, and tools to pay any vendor by credit card, even those that don't typically accept them. The platform is designed to provide restaurants with greater control over their spending, enhance financial security, and offer real-time visibility into every dollar spent. For instance, restaurants can issue unlimited physical or virtual corporate cards with custom limits and controls. Revenue is generated through fees on certain transactions, such as a 1% to 3% fee for paying vendors with a credit card through their 'Tab Flex' service.

The company targets multi-unit restaurant groups as well as independent establishments, offering a scalable solution to manage finances across multiple locations. A significant milestone for the company was becoming the official corporate card for the Texas Restaurant Association, offering exclusive benefits like higher cash back rates to its members. This partnership also includes a component where a percentage of purchases supports the Texas Restaurant Foundation. Tab Commerce has successfully raised capital to fuel its growth, including a US$2.5M seed round led by Toba Capital, bringing its total raised capital to US$4M.

Keywords: restaurant finance, financial operations platform, expense management, corporate card for restaurants, vendor payments, accounts payable automation, spend control software, restaurant technology, multi-unit restaurant management, cash flow management, POS integration, hospitality finance, Tab Commerce, Ty Wilson, Sam Unterman, Texas Restaurant Association partner, restaurant cost control, virtual operating accounts, restaurant spend visibility, back office automation