Plate IQ Raises $ 160 Million from FTV Capital to Close Supply Chain Payments Gap Between Suppliers and Operators | National company
SAN FRANCISCO – (BUSINESS WIRE) – November 4, 2021–
Plate IQ, the leading restaurant and hospitality accounts payable (AP) automation and payment platform, today announced that it has raised $ 160 million in Series B funding from FTV Capital, a Industry-focused growth equity investment firm. With this new funding, Plate IQ will accelerate its efforts to bridge the supply chain gap between operators and vendors through its AP payment and automation network. Plate IQ also announced the appointment of Barrett Boston, former Managing Director of Revenue at Trinet (NYSE: TNET), to the role of Managing Director. Boston brings significant experience and a track record of success in vertical applications of technology.
As supply chain problems associated with the pandemic worsen, a gap is widening between supplier expectations for payment and the ability of companies to process and pay invoices on time. Additional pressure on margins from commodity price volatility and labor shortages means more businesses than ever are turning to Plate IQ’s Zero-Touch AP Automation to deploy automation back office, pay suppliers faster and earn money with the VendorPay network.
Last month, Plate IQ announced the launch of VendorPay, a network that allows customers to pay more than 180,000 vendors directly from their AP platform and earn money through secure digital payments. Suppliers can use VendorPay to track the payment status of their invoices and digitally reconcile unpaid invoice payments.
“Plate IQ’s Zero-Touch AP automation and payment platform has always been designed to meet the unique challenges and needs of the verticals in which we operate,” said Boston. “I am delighted to take advantage of our incredible payment experience, not only for our restaurant and hospitality customers, but also for customers in other verticals such as grocery, professional services, sales. retail and more. Over the course of my career, I have appreciated the tremendous value of building products that uniquely meet customer needs. Our mission at Plate IQ is to continue to create holistic, vertically integrated solutions for every industry we serve, powered by world-class engineering and product teams.
The post-pandemic growth of Plate IQ has been exceptional. As of March 2020, Plate IQ has added more than 8,000 customers and processed more than $ 2 billion in bill payments through the VendorPay network in October 2021 – a testament to the age-old shift towards digital payments in response to the pandemic. The increase in demand for digital payments and back office automation in the restaurant and hospitality industries has also contributed to Plate IQ’s dominance in access point automation with more than 50 000 invoices processed daily from 20,000 commercial sites.
Plate IQ’s vertical approach to capacity building and integrations has made it a leading AP automation tool in the foodservice and hospitality industries, Michelin-starred gourmet restaurants, and national restaurant chains. fast to hotel groups and country clubs.
“When I started at Tender Greens, our AP department consisted of three people,” says Sean Skuro, vice president of finance and accounting for the national fast-casual chain Tender Greens. “Today, even as our business has grown from 17 to 24 locations, Plate IQ has cut our bookkeeping costs in half and allowed us to move forward with a one-employee AP team. . “
With the investment from FTV Capital, Robert Anderson, partner at FTV Capital, and Gary Weber, vice president at FTV Capital, join the Board of Directors of Plate IQ, alongside existing board members and co-founders of Plate IQ, Bhavuk Kaul and Ram Jayaraman.
“As long-time investors in business automation and payments technology, it is exciting to see the rapid pace of innovation today in the PA automation and B2B payments landscape then. that digital platforms are disrupting manual processes and legacy systems, ”said Rob Anderson, partner at FTV Capital. “With its unique approach to building vertically holistic and market-leading software, Plate IQ has proven its leadership in the restaurant and hospitality industries and is well positioned to serve new industries that are urgently seeking resources. automate back-office operations. Additionally, the move to B2B digital payments represents a tremendous opportunity for growth, and we are excited to partner with Plate IQ as they continue to innovate.
“From the start of our discussions, it was clear that FTV Capital offered the ideal in-depth payments industry expertise needed to help us expand our footprint in the $ 3.3 trillion mid-market B2B payments landscape.” , Kaul said. “In the coming weeks and months, we will launch an exciting pipeline of vertically specialized products and services to holistically address supplier / customer issues in our target industries. With the support of FTV Capital, Plate IQ is entering a new era of success, in alignment with a business partner who shares our vision and has a unique ability to help us accelerate our growth. “
Kaul, who has led Plate IQ as chief executive officer since 2014, will now transition to the role of president. In this role, he will provide long-term continuity, institutional expertise and strategic direction as the business evolves.
About Plate IQ
Plate IQ helps businesses automate accounts payable on their terms. We simplify everything from managing invoices to payments for recurring and one-time expenses with a cloud-based approach that enables remote working.
Plate IQ was founded in 2014, graduated from Y Combinator in the summer of 2015, and now processes over 50,000 invoices per day and over $ 1 billion in direct supplier payments each year, serving over 20,000 customers in restaurants, hotels, country clubs and accounting. services.
For more information, please visit www.plateiq.com
About FTV Capital
FTV Capital is a growth capital investment firm that has raised nearly $ 4 billion to invest in high growth companies offering a range of innovative solutions in three sectors: enterprise technologies and services, financial services and processing. payments and transactions. FTV’s experienced team leverages their domain expertise and proven track record in each of these industries to help motivated leadership teams accelerate growth. FTV also provides businesses with access to its Global Partner Network®, a group of leading companies and leaders in the world who have been helping FTV’s portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 125 portfolio companies, including Docupace, Derivative Path, EBANX, LoanPro and Vagaro, and successful / partially exited companies including Enfusion (NYSE: ENFN), InvestCloud (recapitalized) , Strata Fund Solutions (acquired by Alter Domus), Sunlight Financial (NYSE: SUNL), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York and Connecticut. For more information, please visit www.ftvcapital.com.
Gibson, Dunn & Crutcher LLP advised FTV Capital.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211104005235/en/
CONTACT: Plate IQ Media contact:
(925) 922 9516
FTV media contact:
Prosek Partners on behalf of FTV Capital
(646) 818 9051
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY OTHER TRADE FINANCE PROFESSIONAL SERVICES NETWORKS RESTAURANT / BAR ACCOMMODATION RETAIL TRADE TRAVEL OTHER PROFESSIONAL SERVICES
SOURCE: Plate IQ
Copyright Business Wire 2021.
PUB: 04/11/2021 07: 00 / DISC: 04/11/2021 07:02