Velocity Mobile has acquired Tab Payments, a mobile payments app for tastemaker diners in Canada accepted at over 100 restaurants in Toronto and Montreal. The acquisition further expands Velocity’s reach, which now connects premier restaurants with global diners in six major cities in the US, UK, and Canada.
The acquisition includes Tab Payments reservation technology, which will be incorporated into the Velocity platform and will provide partner restaurants with direct access to Velocity’s global diners. Tab’s portfolio of restaurant partners includes iconic names such as The Chase, Byblos, Terroni, and Joe Beef.
The transaction strengthens Velocity’s position as the world’s leading international mobile payment and loyalty platform for restaurants and nightlife. Furthermore, the acquisition follows the recent acquisition of US-based Cover, part of a strategy to provide restaurants with a single technology platform to meet its needs.
Toronto is the fourth largest city in North America; Montreal is the second largest city in Canada and ninth largest city in North America.
The acquisition is part of Velocity’s strategy to develop a vertically integrated stack of hospitality capabilities to heighten the dining experience and connect premier restaurants with the global tastemakers and top hospitality spenders.
Tab Payments restaurants will now have the option to upgrade to Velocity’s fully POS integrated payment and loyalty platform, which includes a dashboard and customer relationship management (CRM) tools.
In conjunction with the Tab Payments transaction, Adam Epstein, Tab Payments Co-Founder, will lead Velocity’s Toronto and Montreal operations. Mike Kimel, Tab Payments Co-Founder and owner of the Chase Restaurant Group, will join the Velocity advisory board.
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