Toronto’s TouchBistro and Thinking Capital this week announced a partnership to offer restaurants a new way to secure financing that can be used for operating capital or to fund business growth.
Restaurateurs across Canada that are using the TouchBistro point-of-sale system can now apply for financing from Thinking Capital through their TouchBistro account portal.
Thinking Capital uses proprietary data and algorithms to make lending decisions based on how well a business is run and its resulting cash flow. This technology-driven approach means restaurant owners have a much greater chance of securing financing through Thinking Capital as decisions are based on a more holistic picture of how they manage their business rather than on personal financial and credit information.
“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,” says 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.”
While this partnership will introduce Thinking Capital to restaurants that are more likely to be highly qualified for funding, the long-term vision for this partnership is to connect the two technology platforms to drive even faster and more accurate decision-making in providing restaurateur access to capital.
“Enabling restaurants to apply for financing online and receive a decision so quickly provides a significant advantage to the many restaurateurs we work with that are looking to invest in their growth,” says Alex Barrotti, CEO and founder of TouchBistro. “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.”
The TouchBistro iPad POS is designed specifically to help restaurants increase their sales, improve the customer experience, and make informed decisions to grow their business.