Velocity acquires Canadian payments app Tab
Deal comes just weeks after acquisition of US platform Cover as London restaurant payments app looks to go global
London-based restaurant payment app Velocity has acquired Canadian competitor Tab Payments Corp; a mobile payments service which works with over 100 restaurants in Montreal and Toronto.
Founded by Alex Macdonald and Zia Yusuf, Velocity allows diners to reserve, pay and earn rewards from premier restaurants directly on their phone.
The deal, which comes less than a month after the British firm acquired US rival Cover, will see Tab’s booking reservation technology integrated with Velocity’s platform. It will also expand its service to diners in six major cities in the UK, US and Canada.
Canadian restaurants currently using Tab Payments will be able to upgrade to Velocity’s payment and loyalty platform as it seeks to create a comprehensive, global hospitality platform.
Macdonald commented: “We’re committed to building an international hospitality platform. With the acquisition of Tab, we strengthen our global leadership position with reservations technology and 100 premier restaurants in Canada.”
Craig Harding, owner of Toronto restaurant Campagnolo, added:
“Toronto’s dining scene has flourished to international acclaim recently, so it’s great to see a local company join one with global reach. Ultimately, it’s a win for Canadian restaurants and diners.”