Paytronix Secures $10M in Funding to Help C-store & Restaurant Industries Get Through COVID-19 Crisis
NEWTON, Mass. — Paytronix Systems Inc. is getting a financial boost as the economy weathers the COVID-19 pandemic.
The Newton-based digital company secured $10 million in funding, led by Great Hill Partners and the company's cofounders. The funding will 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 health crisis, according to the company.
As Paytronix noted, nearly two-thirds of restaurant workers have been laid off and sales dropped as much as 90 percent 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.
"Our restaurant clients are suffering, but we've also seen signs of hope. We know from our experience enduring through boom and bust cycles that loyal guests help get brands through the tough times. This funding is designed to ensure that our tools will help our clients get through this crisis," said Andrew Robbins, CEO of Paytronix Systems.
"We also know that restaurants need new and innovative approaches to services like mobile ordering and delivery. The COVID-19 crisis is driving remarkable innovation in the foodservice space and our goal is to be there for our clients, helping them deliver on their promises to their guests," he added.
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 the company's 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 clients more options for customizing and deploying their own programs.
"The hospitality market has clearly taken a powerful hit during this time of crisis. But right now is the time to double down on what works and invest intelligently," said Nick Cayer, partner at Great Hill Partners. "We believe the Paytronix team has a great vision for the future and is building products that will help operators navigate through these trying times today, as well as through the long-term recovery."
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. Within the financing is expanded credit from Silicon Valley Bank.