Paytronix Raises $10M
Paytronix Systems, Inc. has secured an additional $10 million in funding designed to ensure that Paytronix is on sound financial footing and will continue to provide its restaurant, convenience-store, grocery, and retail clients with the communications tools necessary during the COVID-19 pandemic.
The restaurant market has been hit particularly hard by this crisis, with nearly two-thirds of restaurant workers laid off and sales dropping as much as 90% in some states. A Paytronix examination of its customer data shows a leveling off within the industry and even a recent upward trend, with the hospitality market finding a baseline from which to grow.
To meet this need, Paytronix has recently rolled out several technology updates and innovations:
Rapid-Launch Order & Delivery enables restaurants to get a simple online-ordering-and-delivery model up and running within two weeks.
Touchless payments and loyalty tie NFC payments to loyalty programs with a single tap and are part of our deep integrations with Google Wallet and Apple Pay.
New scoring helps brands quickly identify the guests most likely to take advantage of new offerings.
Additional Order & Delivery features like curbside pickup, group ordering, and point-of-sale integrations offer our clients more options for customizing and deploying their own programs.
The funding includes a series of investments from Great Hill Partners and Paytronix cofounders Matt d’Arbeloff and Andrew Robbins. Also investing is Tim Ridgley, founder of Open Dining, which was acquired by Paytronix in August 2019. Within the financing is expanded credit from Silicon Valley Bank.