TouchBistro, a point-of-sale (POS) solution for restaurants, is now looking to help its clients find financing through a new partnership with Thinking Capital.
The companies said late last week that they are collaborating for Canada's restaurant industry to access working capital, with companies able to apply for a loan straight from the TouchBistro platform.
Much like Square enables its small businesses with access to financing by using the data aggregated via its POS system, TouchBistro will use the data it has to help analyze borrowing decisions. But unlike Square, TouchBistro is turning to a third-party partner to facilitate the financing.
Last year Square and TouchBistro actually announced a partnership that sees TouchBistro offering restaurant users access to Square solutions, including its payments infrastructure, hardware and financial services, including Square Capital.
"By partnering with TouchBistro, more restaurateurs across the country will now know what there is an alternate source of financing available to help them grow their business," said Thinking Capital Chief Strategy Officer Anthony Lipschitz in a statement. "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."
"Thinking Capital is a trusted source for Canada's small and mid-sized business owners that need fast and easy access to financing to help fund their operations or support their growth," said TouchBistro founder and CEO Alex Barrotti in another statement. "By enabling restaurants to apply for financing online and receive a decision so quickly, it provides a significant advantage to the many restaurateurs we work with that are looking to invest in their growth."
