AUSTIN, Texas, June 23, 2022 /PRNewswire/ -- Kickfin, the leading gratuity management software for hospitality, today announced it has secured its Series A funding to further accelerate the company's rapid growth.
Silverton Partners led the round, with participation from Acronym Venture Capital—following a seed round led by Loomis U.S.—which brings Kickfin's total funding to $11 million.
"The explosive growth we've achieved is a testament to hospitality's need and desire to remove cash from the tipping process," said Justin Roberts, Kickfin co-founder. "In partnership with our investors, Kickfin will continue on its path to becoming the new status quo for tip distribution," said co-founder Brian Hassan.
"Kickfin is the ultimate win-win solution: It removes costly inefficiencies for employers, while ensuring frontline hospitality workers get paid the way they want to get paid. We're thrilled to partner with Kickfin and provide a platform for growth as they continue to revolutionize employee payments in this space," said Roger Chen, General Partner at Silverton Partners.
Launched in 2017, Kickfin eliminates the operational burdens of cash tipping for every type of hospitality outlet, while fostering the financial security of employees. Brands like Marco's Pizza, Twin Peaks, Melting Pot, Walk-On's Sports Bistreaux, and Sport Clips use Kickfin to send real-time, cashless tip payouts directly to their employees' bank of choice, 24/7, 365.
In the past year, Kickfin has experienced exponential growth across the full-service, fast casual and quick-service hospitality segments. According to data provided by Visa, Kickfin ranked number one in transaction count and volume for tip disbursements in 2021. Kickfin's customers span every type of outlet, including fine dining, cafes and coffee shops, pizza and delivery, hotels, stadiums, event venues, airport concessions and country clubs.
By digitizing tip payouts and distributing them in real time, employers can eliminate bank runs, reduce theft and human error, and streamline reporting—all while increasing employee satisfaction. Kickfin's technology also ensures organizations remain compliant with complicated, ever-changing tip pooling regulations, and it integrates with existing POS and payroll systems.
"Cashless transactions have created new challenges for hospitality businesses," said Joshua B. Siegel, General Partner of Acronym Venture Capital. "With Kickin, we saw a solution that greatly reduces expenses, eliminates a critical pain point for management, and gives workers real-time access to daily tip earnings—a significant portion of their earnings—while eliminating hidden and predatory fees. We are excited to back Brian and Justin as they continue to build Kickfin to increase frontline worker's take-home pay."
Kickfin is the leading gratuity management software. Restaurant and hospitality brands across the country use Kickfin to tip out employees in real-time, directly to their bank accounts — no cash required. Solve for cash shortages, reduce the risk of theft and human error, and recruit more workers by giving your team immediate access to their tips. Visit kickfin.com/demo to learn more.
ABOUT SILVERTON PARTNERS
Silverton Partners is focused on funding and mentoring early-stage businesses led by founders who share in its commitment to disrupt growth markets and build enduring companies. Founded in 2006, the firm brings the benefits of its vast network and decades of rich experience to each partnership. Austin-based Silverton is the most active venture capital investor in Texas and has been the initial investor behind visionary companies including AlertMedia, Billie, WP Engine, SailPoint, Silicon Labs, Storable, Vacasa, Self Financial, Wheel, and The Zebra. For more information, visit www.silvertonpartners.com.
ABOUT ACRONYM VENTURE CAPITAL
Acronym Venture Capital invests in technology and omni-channel consumer companies that have achieved at least $1m in ARR across Late Seed and Series A rounds of financing. Acronym seeks to invest in startups that focus on sustainable growth in sectors where we can leverage our network to assist with revenue-generating relationships. For more information, visit www.acronymvc.com.
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