Toronto-based TouchBistro and Thinking Capital have announced a partnership meant to help restaurants secure financing that can be used for operating capital or business growth.
Restaurant owners across Canada that use TouchBistro’s POS system can now apply for financing from Thinking Capital through their TouchBistro account portal. Thinking Capital provides small and medium-sized businesses with access to alternative sources of financing, and uses data and algorithms to make lending decisions based on how well a business is run and its resulting cash flow.
This partnership is one of a number that Thinking Capital has announced over the past year, including a Staples partnership to give small businesses easier access to financing, and a partnership with Everlink to help credit unions offer online lending for small businesses.
“Thinking Capital is a strategic addition to our portfolio of partners. We know that our customers will greatly appreciate that they provide financing based on how well a restaurant is run, rather than the personal assets and credit rating of the restaurant owner. This approach truly acknowledges the value and hard work restaurateurs bring to the table,” said Alex Barrotti, CEO and founder of TouchBistro.
In October, TouchBistro raised a $17 million Series B, and boasts that it leads its category in the Apple App Store in more than 37 countries.
“By partnering with TouchBistro, more restaurateurs across the country will now know that there is an alternate source of financing available to help them grow their business,” said Anthony Lipschitz, chief strategy officer at Thinking Capital. “In addition to being the gold standard for POS software for restaurants, TouchBistro is a peer in this market that also embraces the same technology-first approach as we do, making them an ideal partner.”