Tab Commerce raises a US$1M financing round from Matchstick Ventures.
We're excited to announce that we've raised US$1M from Matchstick Ventures to help more restaurants seamlessly manage and reduce their expenses.
With this announcement, we're coming out of Beta and are beginning to expand access for restaurants across Canada and soon, the US.
Since launching into Beta in November, we've helped restaurants eliminate 85%+ of their manual back office desk work and better manage $10s of millions of expenses, ranging from food & beverage purchases, technology subscriptions, labor, equipment repairs, and much more.
The average restaurant today needs to manually manage $100s of thousands of expenses each year across a highly fragmented, constantly changing set of products and suppliers. This critical back office work is very labor intensive yet still leads to suboptimal visibility and control over expenses, and zero visibility into the opaque world of restaurant purchasing. The result is countless hours at a desk, $10s of thousands in excess costs each year and many other issues.
We're fixing these issues with the first truly automated, touchless expense control platform for restaurants - meaning we track and capture every single dollar spent directly from the source. Restaurants using Tab eliminate painfully manual back office desk work, gain real-time visibility over every dollar they spend, and get access to thousands of dollars in monthly savings. All with zero extra work or training...and especially no invoice scanning.
With backgrounds in the restaurant industry and experience across technology, finance, and more, the Tab Team is incredibly excited to continue helping restaurant operators better manage and reduce their expenses.
This round follows our first institutional raise from Mucker Capital and several angel investors in 2022.
If you're a restaurant operator interested in learning more - visit our site or send an email to our Co-Founder & CEO, Ty Wilson, at ty@tabcommerce.com.
Book a call with a member of our team to learn more, get a walkthrough of our product, and if you'd like, get started with Tab.
Tab Commerce is a financial technology company providing the most secure way for restaurants to spend money. Get virtual operating accounts, modern corporate cards, and more - all secured with our payment verification.
Get started in minutes with no credit checks or personal liability. Tab cards work just like any other corporate card but with the benefits of powerful spend control software built just for restaurants.
Tab cards enable restaurants to completely automate the complexity of managing corporate cards across multiple locations. From card issuing and management, assigning transactions to the right locations, transaction splitting, and knowing exactly what each location owes on the statement. It's all incredibly simple with Tab.
Anywhere that Visa is accepted (most places). Most vendors accept cards, but some might only be available upon request. With the Tab Network, we work directly alongside our restaurant partners to enable their largest vendors to accept Tab Cards without passing on fees.
Easily apply for credit limits or use cash by securely connecting each locations primary bank accounts with Tab.
You can create as many users as you would like. You can have Admins who can do everything across all locations and Employees who can only see the cards that you have assigned them. Managing this is incredibly easy from within the Tab Platform.
Virtual operating accounts are business checking accounts but used specifically for the chaos of spending and operations. Virtual operating accounts isolate this chaos away from your primary bank, increasing security, simplifying expenses, and providing access to powerful embedded products to control spending and automate back office work.
Yes, you can hold a balance in the virtual operating accounts. Funds in the account will earn 2% APY, calculated daily and paid monthly.
Yes, accounts are eligible for FDIC insurance up to $250,000.
You can easily link your primary bank accounts and set up auto-funding to maintain a minimum balance. You can also receives sales payouts from your POS or delivery apps into the accounts via our Deposit Management product.
Simply provide your virtual operating accounts routing & account number to your vendor, they'll do the rest.
With just 2-clicks, you can send a same-day ACH to any of your vendors. You can also pay with Tab corporate cards.
Keep your primary bank account, and link it right into Tab. It's good to separate the chaos of spending and operations away from where your savings and the bulk of your cash sits.
Each virtual operating account has a unique account & routing number. This information can easily be inputted into your POS, delivery apps, payroll systems, and any other revenue or expense source.
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