Plate IQ, a restaurant and hospitality accounts payable (AP) automation and payments platform, has raised USD160 million in Series B funding from FTV Capital, a sector-focused growth equity investment firm.
With this new funding Plate IQ will accelerate efforts to close the supply chain gap between operators and vendors with its AP automation and payments network. Plate IQ also announced the appointment of Barrett Boston, former chief revenue officer of Trinet (NYSE: TNET), to the role of chief executive officer. Boston brings significant experience and a track record of success across vertical applications of technology.
As pandemic-related supply chain woes mount, a gap is growing between vendor expectations of receiving payment and businesses’ ability to process and pay invoices on time. Additional margin pressure due to commodity price volatility and labor shortages means that more businesses than ever are turning to Plate IQ’s Zero-Touch AP automation to deploy enterprise-grade back-office automation, pay vendors faster and earn cash back with the VendorPay network.
Last month, Plate IQ announced the launch of VendorPay, a network that allows customers to pay more than 180,000 vendors directly from their AP platform and earn cash back via secure digital payments. Vendors can use VendorPay to track the payment status of their invoices and reconcile payments to outstanding invoices digitally.
“Plate IQ’s Zero-Touch AP automation and payments platform has always been designed to meet the unique challenges and needs of the verticals in which we operate,” says Boston. “I’m excited to build on our amazing payments experience, not just for our restaurant and hospitality customers, but also for customers in other verticals such as grocery, professional services, retail and more. Over the course of my career, I have appreciated the tremendous value in building products that uniquely fit the customer’s needs. Our mission at Plate IQ is to continue building holistic, vertically integrated solutions for each industry we serve, powered by world-class engineering and product teams.”
With the investment from FTV Capital, Robert Anderson, partner at FTV Capital, and Gary Weber, vice president at FTV Capital, are joining Plate IQ’s board of directors, alongside existing board members and Plate IQ co-founders, Bhavuk Kaul and Ram Jayaraman.
