fbpx

Velocity captures North America with Tab acquisition

London’s upmarket hospitality platform Velocity has announced the acquisition of Canadian mobile payments app Tab to add to the growing portfolio that it hopes will lead to global domination.

Velocity has raised $16m since June, including a $12m Series A round, plus an additional $4m last month.

The company also revealed it was buying US rival Cover in September, and with Tab now added to its armoury, Velocity appears to be capturing the luxury dining vertical across the UK and North America.

Tab is accepted for reservations and payments at more than 100 restaurants in Toronto and Montreal, meaning Velocity is present across six major cities in the UK, US and Canada.

Tab Payments’ cofounder Adam Epstein will lead operations in Canada, while Mike Kimel, cofounder and owner of the Chase Restaurant Group, will join the Velocity advisory board.

“The Tab team is excited to be joining forces with Velocity,” Kimel said. “Combining forces gives us an opportunity to take our mobile hospitality services to the next level with international reach.”

On the acquisition, Zia Yusuf, co-CEO and cofounder of Velocity told Tech City News: “Canada is a fast-growing global hospitality hub and by acquiring Tab we extend our global reach, while establishing a dominant position in the North American market.

“Adding Tab to our organisation builds on our acquisition of Cover last month and demonstrates that with the right approach, backing and product, UK startups can be successful anywhere.

“Our customers are global, and we are driven to cater for them all over the world. We continue to look at opportunities in other geographies, where the Velocity service would greatly enhance the experience for the discerning international diner.”