NEW YORK — Velocity Mobile has acquired Tab Payments Corp., Canada’s leading mobile payments app 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 U.S., UK and Canada. Tab’s portfolio of restaurant partners includes iconic names such as The Chase, Byblos, Terroni and Joe Beef.
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.
“Toronto’s dining scene has flourished to international acclaim recently, so it’s great to see a local company join one with global reach,” said Craig Harding, owner of Campagnolo, one of Canada’s Top 100 restaurants. “Ultimately, it’s a win for Canadian restaurants and diners.”
The move 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.
“We will help restaurants give diners a house account experience anywhere they go,” said Zia Yusuf, Velocity co-founder and co-CEO. “Global spenders seek sought-after tables when they travel, and restaurateurs want to know more about their guests. Our international hospitality platform connects these two constituencies.”
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.
Adam Epstein, Tab Payments co-founder, will lead Velocity’s Toronto and Montreal operations while Mike Kimel, Tab Payments co-founder and owner of the Chase Restaurant Group, will join the Velocity advisory board.
“The Tab team is excited to be joining forces with Velocity,” said Kimel. “Combining forces gives us an opportunity to take our mobile hospitality services to the next level with international reach.”
