RestaurantTechAStrongTechnologyBackboneis

BecomingTableStakesFT

PARTNERSFINTECHSTRATEGIC

INSIGHTSOCTOBER2025Thisreportisaproduct

ofFTPartners’

investmentbanking

team,

whichisaseparateanddistinctbusiness

fromFTPartnersEquityResearch.2.ExecutiveSummary73.MarketOverview94.FinTechSolutions135.IndustryLandscape376.SelectedFinancingandM&AActivity407.PublicCompanies

Analysis518.CEOInterviews589.SelectedCompanyProfiles9010.SelectedM&ATransactionProfiles126Highlyproprietaryinformation.Unauthorizeddistribution

withoutpriorconsentfromFinancial

TechnologyPartnersLP,FTPSecuritiesLLCorFinTechPartnersLimited(together

“FTPartners”)isstrictlyprohibited.

Theinformationin

thisreportreliesuponavarietyofpublicsources,

theaccuracyofwhich

cannotbeguaranteed.Nopersonsorentities

shoulduse

theinformationindecisionmakingwithoutindependentinvestigationorprofessional

advice.Thiscommunication

shouldnotberegardedasanoffertosellorasasolicitation

ofanoffertobuyanyfinancialproduct

orservice,norisitanofficialTableofContents confirmation

of

any

transaction,

or

representative

of

an

official

position

or

statement

of

Financial

Technology

Partners

LP,

FTP

Securities

LLC

or

any

other

related

entity.

FTP

Securities

LLC

is

a

FINRA

registered

broker-dealer

and

FinTech

Partners

Limited

is

an

FC

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H1.IntroducingFTPartners

411.

FT

Partners

Overview

141SUBSCRIBEFounder,CEO,ManagingPartnerSTEVEMCLAUGHLINtot

tle?Touch

Bistro?beyond

menu4

BLACKBIRDya

bieCRAFT

ABLEGolbTimMcLaughlinCEO&Co-Founderya

bieSiri

Hyltén-CavalliusCEO。

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SPACEct

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eruAHunger

Rusho

accesspay

tron

ixlightspeed巴up

serveTableofContentsSelectedCompanyProfiles,M&ADeal

ProfilesandCEO

InterviewslTHOMA

BRAVOoloownerRestaurant365ospo

rongrub

techolovpact

o口rez

kuSports&EntertainmentBusiness

FT

PARTNERS

3

?Touch

BistroSamirZabanehCEO&ChairmanRestaurant365TonySmithCEO&Co-FounderM&AProfilesCEOInterviewsCompanyProfilespay

tron

ixJeff

HindmanCEOZach&

Matt

HymanCo-CEOs&Co-FoundersAlex

BroekerCEO&

FounderSaleemS.

KhatriCEO。

spot

on

FT

PARTN

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I.IntroducingFT

Partners56,000+Companiestracked22,000+Investment

FirmstrackedFT

Partners

ClientFT

Partners

RelationshipsFinTech

Coverage17,000+M&Atransactionsrecorded28,000+Financing

transactions

recordedFTPartners-TheMostTrustedBrandinFinTechPayments

AltLendingCapitalMarketsRealEstateTechBankingTechWealthTechHealthTechFMSBPOGRCSaaSCryptoMinority

RecapMajority

RecapFullSaleSPACIPOGrowthEquityConsortiumMergerExtensive

Network

Across

Fin

TechEcosystemLeadingproducerofF

in

TechInsightscomprehensive

Fin

TechAdvisoryproprietaryFin

Tech

Database550+FinTech

DealsExpansiveGlobal

presenceBoardMembersMedia

/PressInfluencersConferencesFT

PARTNERSInvestorsConsultantsExecutivesWebinarsFoundersCEOsLBO5FTPartners’ExpertiseAcrossRestaurantTech&POSPaymentsSelectedTransactions

FT

PARTNERS

6

FT

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II.ExecutiveSummary

FT

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Althoughthemaskshavefaded,theCOVID-19pandemicleftanindeliblemarkontherestaurantindustry.Thepost-COVIDimpactwasfeltacrossallfacetsof

theindustryincludingreservations,

takeoutanddelivery,staffing,

inputpricing,marketing,andpayments.Whileconsumershavelongsincereturned

toin-persondining,demand

foroff-premiseinteractionsandomni-channelexperienceshasnotdissipatedgiventhedegreeofconveniencetheyprovide.Tomeet

thisdemand,restaurantsmustbeabletohandleandcoordinateonlineorderinganddelivery(whether

throughtheirownchannelorthirdparties),orderaheadandpick-up,andmore.Otherdecision

pointsinvolvecashlessin-personinteractionsincludingnewpaymentmechanisms,aswellaschallengesinmarketing

toandengagingwithconsumersacrossmultiplechannels,includingnewerchannelssuchasTik-Tok.

Meanwhile,inputpriceshaveincreased,andstaffingchallengespersistasrolesaredifficult

tofillandemployee

demandsarehigher

thanever.Tosolvethesechallenges,restaurantshaveturned

to

technologysolutionsingreater

waysthaneverbefore.In

fact,astrong

technologybackbonehasbecome

tablestakesacross

theindustry.Fortunately,FinTechandother

technologyprovidersarerising

to

theoccasionwith

tailoredsolutionsthatsimplifycomplexity,streamlineoperations,reduceoperatingcosts,andcreateamoreseamlesscustomerexperience.AwiderangeofAI-driven

solutionshavealsoemerged

tohelpoperatorsautomateawiderrangeofprocesses,improveefficiencyandboostmargins.Historically,restaurant

technologyprovidersswaminseparatelanes,buttoday,software,hardware,andprocessingarecomingtogetherwithsomeplatformsabletoreplaceamultitudeofpointsolutionproviders.Whilebest-of-breedpointsolutionproviderswillalwayshaveanopportunityin

thespace,weexpecttoseemore

consolidationastheplatformplayslooktoserveanincreasinglylargerrolefor

theircustomers.This

reportis

acomprehensiveupdateof

our

RestaurantTechreportthatwasoriginally

publishedin

2024.In

this

report,wediscussthechallenges

restaurantsarefacingand

how

technology

solutionsare

easing

these

burdens,

provideadetailedcompany

landscape,and

numerouscompany

profilesalongwithtransaction

overviews

ofnotableM&AdealsandCEOinterviewswith

key

players

in

the

space.RestaurantTechExecutiveSummary

FT

PARTN

TRSP

AER

H

III.MarketOverviewMarketCommentary?There

are

over

749,000restaurants

operating

in

the

US,down

from

~1million

since

the

COVIDpandemicforcedmanyrestaurantstocloses(3)?Restaurantsalesareprojectedtoreach$1.5

trillion

in2025,driven

in

part

by

higher

menupricesduetoinflation?Employmentinfoodserviceisexpected

togrowby

200,000in2025,reaching

a

total

of

15.9million

jobs?Risingcostsremainasignificantheadwindfacedbyrestaurantoperators,withmenuprices

increasing

by

3.9%in

the

last12months

(2)?Competitionisincreasingas

theeconomyslowlyrecovers,puttingpressureonoperators

todifferentiateandincreasemarketingspendPARTNERS

10A$1Trillion+MarketOpportunityRisinginputcosts,supplychaindisruptionsandincreasingcompetitionhaveputstrainonrestaurantoperatorsacross

thecountry,andtheseheadwindshavecontinuedin2025.Despite

thesepersistentchallenges,

theindustryhasmanaged

tosustainastronglevelofgrowth

thusfarthis

year,willsustainitscurrentlevelofgrowth

this

year,with

theNationalRestaurant

Association

predicting

total

sales

of

$1.5

trillion

in2025.(1)“Gonearethedayswhenrestaurantoperatorscouldsimply

balancethe

checkbookat

the

end

of

the

month

to

know

if

theywere

profitable.Today,meetingthedemandsof

the

modern

restaurantenvironment

requires

awholenew

levelof

insights

and

tools.Thatmeanstighter

controlover

inventory,smarter

purchasingdecisions,and

morestrategic

supply

chain

management.

Italsomeans

managinglaborcosts

moreeffectively,with

better

scheduling,

predictivetools,and

automationthat

enhancesoperations,ratherthanreplacing

people.”(2)

President&CEORestaurantMarketOverviewCurrentStateoftheMarket$245$225

$226

$227

$211$181(1)NationalRestaurant

Association:StateoftheRestaurantIndustry.Figuresinchartareseasonally

adjusted,2025full-year

estimatedfigure

non-adjusted(2)NationalRestaurant

Associationpressreleases.,LTMdataasofJuly2025(3)B2B

Reviews:

How

Many

Restaurants

iAre

in

the

USA

Source:

FTTotalUSMonthlyFood&BeverageSales(seasonallyadjusted,$billions)

(1)$275

$277

$264MichelleKorsmo$263$251$256$261$269$286$288$295$281PotentialSolutions?Restaurant

operatorscanreducecostsbysourcinglocallyandbuyinginputsinbulk

toincreaseefficiencies

withsuppliers?Adjusted

operatinghoursanddiversifiedrevenuestreams(i.e.catering,

takeout)canalsomitigateinflationarypressures?Since

theCOVIDpandemic,restaurantshavestruggled

tohireandretainquality

talent?Investmentin

trainingprograms,offeringbonusincentivesandencouraging

feedbackhavehelpedpromote&retainemployees?Fewerchefsandincreasinglybroadandcomplicatedmenushaveprovenunfeasible

formanyrestaurants?Simplifyingmenuoptions

tolowercosts,save

timeandreduceunnecessary

food

wastehavebeensuccessfulsolutions?Thepandemicaltered

the

wayconsumersdine,

withincreased

emphasisbeingplacedondeliveryand

takeoutoptions?Virtualrestaurants,

orghostkitchens,havebecomewidespreadas

theconsumerdiningexperienceshifts

towarddelivery-centric?Digitalmarketingandonlinereviewsheavilyshapeconsumerpreferencesanddriveadditionalbusiness

to

therestaurantindustry?A

targeted,socialmediadriven360-degreemarketingstrategycanhelp

toincreaserestaurant

visibilityandattractnewcustomers?Thein-persondiningexperiencehaschangeddrasticallysince

thepandemic,

withdigitalmenusandQRcodesbecoming

thenorm?Restaurantsmuststrikeabalancebetween

thisnew

tech-centricmanagementapproachand

the

traditionaldiningexperiencePARTNERS

11MacroeconomicChallengesATech-OrientedSolutionSince

theCOVID-19pandemic,restaurantshavefacednumerousobstacles.Chiefamong

themareinflation,thestruggle

toattractandretainqualitystaff,andtherapidshiftinconsumerpreferences

toonlineorderinganddelivery.As

therestaurantindustryevolves

towardamoretech-centricmanagementapproach,alternativeslikevirtualkitchenshave

emerged

toaddressanumberof

thesepainpointsandallowrestaurantoperators

toscalemoreefficiently. Staffingshortages

Overlycomplexmenus

Operationalcostsooo

Changing

consumer

demands

Hightechvs.hightouch

Source:

GrubHub,

OpenTable,

DoorDash

FT

InflationandrisingfoodcostsRestaurantMarketOverviewRestaurantPainPointsProsConsThird-Party?

Brandnamerecognition?

Largeuserbases?

Marketingbenefits?

Convenience?

Highcommissionfees?

Competitionwithother

restaurants?

Lesscontroloverthedelivery

experienceD2C?

Morecontrolover

delivery&

customerexperience?

Keep100%of

profits?

Controlcostsassociatedwith

makingdeliveries?

Requiresmorework&

resources?

Costsassociatedwithdrivers,

vehicles&routeoptimization?

GreatermarketingeffortCompetition&CustomerAcquisitionATech-OrientedSolutionAccording

toMarket.us,fooddeliveryisa~$180billionindustryglobally,

withtwo-thirdsofthemarketshareaccountedforbythird-partyplatforms.(1)(2)

AggregatorslikeGrubHub,

UberEats,andDoorDasharecompeting

withrestaurantstoacquiredeliverycustomers,squeezingprofitmargins.Restaurantsmustweightheprosandconsofthird-partyvs.D2C

deliverychannels

tooptimizecostsandincreasecustomersatisfaction.FinTechsolutionprovidersofferamassiveopportunityforrestaurantstointegrateonlineorderinganddelivery

techsolutionsintooneplatform,increasingcustomerengagement,loyaltyandbottom-lineperformance.GR山B

HUB?Market

share:~8%?FeeStructure:threepricingtiersrangingfrom5-20%ofeachorder,dependingonlevelofmarketingchosen,andadditional10%deliveryfee?Market

share:~67%?Fee

Structure:6%for

pickups,15-30%

fordelivery,and15%fordeliveryorders

inwhichyourrestaurantfulfills

thedeliveriesuber

Eats?Market

share:~23%?FeeStructure:threepricingtiersandvariouslevelsofmarketing,with6%fee

forpickupordersand15-30%fordeliveryorders?Market

share:~2%?FeeStructure:samepricingstructureasparentcompanyUber,whichmeans

6%forpickupand15-30%fordelivery

Source:

Company

websites,

SevenRooms,

FTRestaurantMarketOverviewComparisonofThird-PartyDeliveryPlatforms(2)Third-Partyvs.D2CDeliverySolutions(1)Market.us(2)MarketsharedatafromBloombergSecondMeasure

asof2024.PARTNERS

12FT

FTIV.FinTechSolutionsRestaurantValueChainFinTech-PoweredRestaurantManagementSolutionsFinTechsolutionstoucheverycornerof

therestaurant

valuechain,fromreservationsandonlineordering

/deliverytocustomerloyaltyandengagement,payments,

financialmanagement

/dataanalytics,andmuchmore.FinancialMgmt./Data?

Accounting,payroll&tax

compliance?

Inventory&cashflowmgmt.?

Dataanalytics&

reportingReservations?

Onlinetablemgmt.softwareto

tracktablebookings?

Communicatewithguests?

StaffschedulingPOS/Payments?

Paymentterminalforcredit&

debitcards?

TabletintegratedwithKitchen

DisplaySystem(KDS)?

ReceiptprinterforcustomersTable-TopSolutions?

Payatthetable

via

tabletdevice?

Split

thecheckamongguests?

EncryptedpaymentswithincreasedtransactionsecurityLoyalty&Rewards?

Personalizedoffers&discounts?

Engagewithguestsonsocial

media?

Reviews&surveysOnlineOrdering/Delivery?

Streamlineorderingviathird-

partyordirectonlineorders?

IntegratewithKDSsystemto

managemultiplechannelsFinTechSolutionsPARTNERS

14FTPOS/PaymentsCenterpiecetoEffectiveRestaurantManagementRestaurantPOSor“pointofsale”systemsare

thehardwareandsoftwareusedbyrestaurants

to

takecustomerorders,manageinventoryandacceptpayments.The

POSterminalisthehardwarecomponent,usuallyaniPadorsimilar

tabletdevice,andrunsoneitherApple,AndroidorWindowssoftware.Additionalfeaturesinclude

aKDSor“kitchendisplaysystem,”

whichcentralizesordersforbackofhousestaff,aprinterforreceipts,andapaymentterminal

whereguestscanswipe,taporinsertacreditordebitcardtomakeapayment.RecentTrendsinRestaurantPOSSystems?

POSsystemsarepresentinalmosteverytypeofrestaurant,includingfull

service,quick-service,food

trucksandmore?

ThemainbenefitsofaPOSsystemincludeitsability

toincreasesales,

improve

theguestexperienceandfacilitatesmarterbusinessdecisions?

Therestaurantindustryhasrecentlyseenasurgeincloud-basedPOSsystems

thatallowbusinessestorun

theirentireoperationmoreefficiently?

AccordingtoGrandviewResearch,theglobalrestaurantPOSsoftwaremarket

was

worth

$22billion

in2023and

is

projected

to

reach

over

$38billion

by

the

end

of2030,implying

a

CAGR

of

around

8%(1)?

POSsystemsarealsoadapting

tonewpaymentsolutionsascashcontinues

tofalloutof

favor(2)?

Paymentprocessorshaveofferedmorecontactlesspaymentoptionssince

theendof

thepandemic

Source:

OpenTable

FT1.Grandview

Research:

RestaurantPoint

OfSaleTerminal

Market

Size

Report2.TouchBistro2025

State

of

Restaurants

ReportFinTechSolutionsPARTNERS

15POS/Payments(cont.)MarketShiftfromLegacytoCloudPOSSystemsNext-generation,cloud-basedPOSsystemshavequicklybecomethegoldstandardoperatingsystemin

therestaurantindustry,offeringoperators

technologicallyadvancedfeatureswithaneasy-to-useinterfacewhileensuringseamlessscalabilityfor

theirbusinesses.AccordingtoTouchBistro,63%ofrestaurantsusecloud-basedsystems,with

theremaining37%representingasignificantopportunityforfurtheradoption.Meanwhile,86%offull-servicerestaurantoperatorsuse

thesame

systematallof

theirlocations,makingmulti-locationcapabilitiesamajorconsiderationinselectingPOSsystems.Operatorsarealsoincreasinglylookingformore

comprehensiveofferingsfrom

theirPOSproviders,with67%usingsoftwaresolutionsthataredirectlyintegratedwith

theirPOSsystems.(1)(2)ComprehensivenessMulti-locationCapabilities

EaseofUseSystemReliability

Ability

toIncreaseSales

CustomerSupport

Third-partyIntegrations

Reporting&Analytics

Price35%34%30%28%26%26%25%25%24%Increased

mobility:allow

servers

to

stay

active

on

the

floorrather

thanconstantlyreturning

to

theterminal

toinputordersImproved

communication:significantly

reduce

errors

byallowingserverstocommunicateordersdirectly

tothekitchen

without

ticketsData

protection:store

customer

data

on

an

online

protectedcloudplatformrather

thanlocalnetwork,allowingforconstant

securityupdateswithoutneedinganin-store

technicianAnalytics:

trackpopularorders,returningcustomersand

busiesthoursoncustomizabledashboardstoincrease

restaurantefficiencyEnhanced

set-up:eliminate

the

need

for

an

on-site

serverconfigurationwithdevicesthatcanbepluggedinandconnectedto

thecloud

1.TouchBistro:81Restaurant

Industry

Statistics

for2025:Sales,

Labor,&

More3.Restaurant

Technology

News:“Why

Restaurants

are

Upgrading

Their

Restaurant

POS

Systems”

FT

2.TouchBistro2025

State

of

Restaurants

ReportTopConsiderationswhenChoosingaPOSSystem(2)FinTechSolutionsBenefitsofNext-GenerationPOSSystems(3)PARTNERS

169●StrengthenedUKoffering-Thispartnershipleverages

Yabie’sproven

technologywithWorldpay’sscale

todeepenmarketpenetrationImprovedretention-ThebundledPOSandpaymentssolutionreduceschurn

andextendscustomerlifetimeStrongerSMEreach–Yabie’sone-stopplatformwithintegratedsoftware

capabilitiesbetterpositionsWorldpay

toserveSMEsEnhancedcustomeroffering-Byintegrating

thetechnologiesofbothbusinesses,

theproductprovidesaseamlessmultichannelexperienceScalableproduct-Highlyscalablesolutionwith

thecapabilities

tosupporttheevolvingneedsofcustomersglobally?In

May2025,

Yabie

and

Worldpay

launched

Worldpay360

in

the

UK,a

newpaymentsmanagementsolution?

Worldpay360combines

Yabie’smodernPOSsoftwarewithWorldpay’s

paymentinfrastructureandhardware?

TheplatformenablesSMBsinretail,hospitalityandservices

tomanage

orders,paymentsandoperationsdirectlyfromthe

tillthroughanintuitive

interface?

Worldpay,oneoftheworld’slargestpaymentprocessorsprovidingglobal

scaleandinfrastructuretosupportseamless,omnichannel

transactions?

Worldpayprocessesover55billion

transactionsannuallyonbehalfofmore

thanonemillionmerchants

worldwideThepaymentsmarketishighlycompetitive,withincumbents(Barclaycard,Elavon)anddisruptors(SumUp,

Adyen,Stripe)pressuringmarginsFewready-to-deployplatformscombinepaymentsandsoftwareintoasingleone-stopshopsolutionMerchantsincreasinglyselecttheirPOSsystemfirst,makingsoftware

integrationcriticalforacquiringprovidersUKSMEsdemandadvanced,multi-channelanduser-friendlypayment

solutions

thatcanscalewith

theirbusinessesFinTechSolutionsCaseStudy:YabieandWorldpay,sPartnershipPartnershipOverviewya

bie

&

world

pay“Throughthis

partnershipwithWorldpay,we'rebringingouruser-friendly

approachtoPOStechnology

totheUK”SiriHyltén-Cavallius,CEOofYabie

Source:Companywebsite,FTPartners,ProprietaryTransactionDatabase

FTImpact

andBenefits

fromResultingPartnershipMarketChallengesandNeedforaStrongPartnerPARTNERS

17血lightspeed?

Lightspeedisahugenamein

theretailPOSspacewithits

barcodedproducts?

Slightlymoreexpensivethan

othercompetitorsleadingto

morelarge-scalerestaurant

clients?

Idealforrestaurantswithlargeandcomplexinventory

dueto

theirretailstockcontroltools?

Inrecentyears,Lightspeed

acquiredUpserve,ShopKeep

andGastrofixtorapidlyexpandintorestaurant

POS口square?

Squareisanindustryleader

inPOSsystems?

TheCompanyoffersahighly

customizableandadvanced

platformforallformsofrestaurants?

Softwareiscompletelyfree

ofchargewithbuilt-intransactionfees?

Verypopularwithsmallerrestaurantsduetotheirper-

transactioncoststructure?

LavuisagrowingsoftwareproviderthatoffershighlycustomizablePOSsystems

dependingonrestauranttype?

Withover

12differentrestauranttypes,Lavuoffers

customfeaturesforpizzaandice-creamshops,delis

andmore?

Bluetoothscaleplug-inallowingsystemtoactively

trackinventoryweight?Touch

Bistro?

TouchBistroisanall-in-one

POSandrestaurantmanagementsystem

poweringover29,000

restaurantsglobally?

Offerseverythingfrompaymentprocessing,kitchen

displaysystems,giftcards,

loyalty&marketing,onlineordering,reservationsand

more?

TouchBistrohasdeployedover64,000POSterminals

globally,andprocessesover

$14billioninpaymentsannually?

Unionisanext-gencloudbasedPOSandhospitality

engagementsystembuiltspecificallyforhigh-volume

barsandrestaurants?

Fueledbyaproprietary

on-

premisedatalayer,Union’s

systemdeliverstransformationalinsightsandon-premiseexperiences

notonlyforoperators,

butalsoguestsandbrand

partners?

Union’sengagementsystem

isproventoefficientlydrive

morerevenuepercustomer

andservemorecustomers

perhour

–onaveragepartnerssee28%increasein

checksizeSelectedFinTechDisruptorsinPOS/PaymentsAsdemandforcloud-basedPOSsystemsrapidlygrows,keyinnovatorsaresucceedingwith

theirspecializedsoftwaresolutions.

Source:

Company

websites