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Plate IQ Secures $160 Million to Expand Its Restaurant Automation and Payments Technology Platform

U.S.-based PlateIQ’s software is already in use by several high-profile clients including Vino Volo, Nobu Restaurants and the Thomas Keller Restaurant Group. In addition to AP automation, PlateIQ offers a mobile app for clients to take a picture of a paper invoice and automate data entry their systems for faster payments to restaurant suppliers. Reports said the startup plans to use the funds to grow its staff and expand into new markets. FTV Capital has provided $160 million in Series B funding to Plate IQ, the California-based operator of an accounts payable automation, invoice management, and payments platform for the restaurant and hospitality industry. Founded in 2014, Plate IQ processes over 50,000 invoices daily for more than 20,000 customers. It offers accounting software designed to digitize the restaurant invoicing process.

The company has recorded 10X growth in revenue, transactions and customer base over the last year, which has sped up the company’s path to profitability. FinTech programs that build and launch on Solid own the experience and have little or no regulatory overhead. The company said integration is a light technical lift – a matter of calling modern APIs and a few lines of code – facilitating speed to market. Solid, a FinTech-as-a-service charuonline blog platform that offers infrastructure to launch and scale FinTech products, has bagged $63m from a Series A round. Plate IQ is an equal opportunity employer and makes employment decisions on the basis of merit. Plate IQ policy prohibits unlawful discrimination based on race, color, religious or religious creed, sex, sexual orientation, gender, age, or any other consideration made unlawful by applicable federal, state, or local laws.

With this new funding Plate IQ will reportedly accelerate efforts to close the supply chain gap between operators and vendors with its AP automation and payments network. This software-as-a-service company hasn’t officially completed a $10 million Series A1 funding round but said this week it’s pretty close to doing so. The firm provides a cloud-based supply chain management solution to help businesses manage sourcing and procurement. SAP.iO is joining the funding round alongside existing backers Richmond Global and PivotNorth, reports said. According to the company, it added over 8,000 customers and processed over $2 billion in invoice payments since March 2020 through the VendorPay network as of October 2021.

Its funding coincided with the CEFIF also leading Series C financing for electronic trading platform Trumid and seed financing for peer-to-peer insurance network WorldClover. In a statement, CreditEase CEO and founder Ning Tang said the funding rounds represent the company’s commitment to boosting FinTech in China. The Plate IQ platform transforms back-office operations with accounts payable automation, food costs analytics, bill pay, inventory and recipe costing tools solutions for the restaurant industry mostly focus on the front of the house. Recent economic developments are driving further growth for the company, said Robert Anderson, a partner at FTV. Supply-chain woes and commodity-price volatility have increased suppliers’ desires to receive payments on time, while labor shortages have reduced businesses’ ability to process and pay invoices on time, Mr. Anderson said.

The shift to increased reliance on digital payments prompted by the pandemic has bolstered the company’s growth, Plate IQ said. The company said it now has roughly 20,000 customers after adding about 8,000 since March 2020 and it processes over 50,000 invoices daily from 20,000 business locations. Emeryville, Calif.-based Plate IQ was co-founded in 2014 by Ram Jayaraman and Bhavuk Kaul and received seed funding from early-stage venture investor Y Combinator. Initially the company focused on digitizing invoices and payments processes for restaurants and later expanded its services to hotels, country clubs, supermarkets and retail stores, Mr. Boston said. Based in India, Airpay operates in both the consumer and business payments space — but offers a solution that combines the two. The company said this week it raised $4 million from Kalaari Capital along with existing backers Rakesh and Rajesh Jhunjhunwala.

The surge in demand for digital payments and back-office automation in the restaurant and hospitality industries has also driven Plate IQ’s dominance in AP automation with over 50,000 invoices processed daily from 20,000 business locations. Since March 2020, Plate IQ has added over 8,000 customers and processed over $2 billion in invoice payments through the VendorPay network as of October 2021 – a testament to the secular shift in favor of digital payments as a response to the pandemic. Seven years later, the company reportedly processes more than 50,000 invoices daily and more than $1 billion in direct vendor payments annually, serving more than 20,000 customers across restaurants as well as hotels, country clubs, and accounting services.

Plate IQ initially focused on digitizing invoices and payments processes for restaurants and later expanded to hotels, country clubs, supermarkets and retail stores. Investors diversified their funding to B2B companies this week, hitting several areas of corporate finance including accounts payable, accounts receivable, payroll and supply chain management. There weren’t any groundbreaking rounds — $4 million here, $10 million there — but a B2B consulting and research company secured an impressive $56 million from backers.

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