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Toast Announces the Launch of Toast Capital to Provide Restaurateurs with Access to Fast, Simple, Flexible Funding

November 13, 2019 GMT

BOSTON--(BUSINESS WIRE)--Nov 13, 2019--

Toast, the fastest-growing restaurant management platform in the U.S., today unveiled Toast Capital: a solution designed from the ground up to provide restaurants of all sizes with access to fast, simple, flexible funding to cover working capital needs and invest in their growth.

Nearly 52 percent of restaurant professionals rank high food and operating costs as a top challenge in running a restaurant, according to the Toast Restaurant Success in 2019 Industry Report. Access to capital from brick and mortar financial institutions has historically been a challenge for restaurants due to perceived risks common within the restaurant industry, such as seasonality and thin profit margins.

Based on Toast’s deep experience in serving the restaurant community, Toast Capital simplifies life for restaurateurs and provides them with quick and reliable access to funding to help grow their business. Benefits include:

“Since investing in Juvia and Sushi Garage with Toast Capital seven months ago, our revenue increased by over 15 percent,” said Tim Sandoz, director of operations at Juvia Group in Miami, Florida. “Funding through Toast Capital allowed us to expand our dining space and increase the number of covers we can handle each night. Historically, reservations would book up four days in advance, which meant a lot of disappointed potential diners. Since the expansion with Toast Capital, we now have additional seating which allows us to accommodate more guests, grow our revenue, and increase server tips.”*

“Toast Capital is a restaurant-first funding partner committed to the success of the Restaurant Community,” said Tim Barash, chief business officer, Toast. “We understand the unique challenges restaurant owners face when it comes to running a business and securing a loan. That’s why a Toast Capital Loan provides access to transparent financing with one flat fee, empowering restaurant owners to do what they love and thrive.”

Toast Capital Loans will be available to eligible Toast restaurants across the U.S. by December 2019. To learn more, see here.

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Toast Capital Loans are made by WebBank, Member FDIC.

*Prior to offering access to the Toast Capital Loan, Toast Capital offered merchant cash advances to select customers.

About Toast
Launched in 2013, Toast powers successful restaurants of all sizes with a technology platform that combines restaurant POS, front of house, back of house and guest-facing technology with a diverse marketplace of third-party applications. By pairing technology with an unrivaled commitment to customer success, Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. Toast was named to the 2019 Forbes Cloud 100, 2019 Forbes Fintech 50, 2019 SXSW Interactive Innovation Finals, and recognized as the third fastest-growing technology company in North America on the 2017 Deloitte Fast 500. Learn more at www.toasttab.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191113005094/en/

CONTACT: Karen DeVincent-Reinbold

Sr. PR & communications manager

media@toasttab.com

857-301-6074

KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: MOBILE/WIRELESS TECHNOLOGY HUMAN RESOURCES FINANCE PROFESSIONAL SERVICES SOFTWARE RESTAURANT/BAR FOOD/BEVERAGE DATA MANAGEMENT RETAIL

SOURCE: Toast

Copyright Business Wire 2019.

PUB: 11/13/2019 09:00 AM/DISC: 11/13/2019 09:00 AM

http://www.businesswire.com/news/home/20191113005094/en