Gratuity management software Kickfin has picked up $11m in its seed round.
Silverton Partners, a Texas-based early-stage venture capital firm, served as the lead investor. Acronym Venture Capital also joined the round.
Launched in 2017, Kickfin eliminates the operational burdens of cash tips for hospitality outlets. Its software sends cashless tips to the employee’s bank of choice in real-time.
Kickfin claims that by digitising tip payouts and distributing them in real-time, employers can eliminate bank runs, reduce theft and human error, and streamline reporting.
Its services are used by Marco’s Pizza, Twin Peaks, Melting Pot, Walk-On’s Sports Bistreaux and Sport Clips.
According to data by Visa, Kickfin was ranked number one in transaction count and volume for tip disbursements in 2021.
Silverton Partners general partner Roger Chen said, “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.”
Speaking on the investment, Acronym Venture Capital general partner Joshua B. Siegel said, “Cashless transactions have created new challenges for hospitality businesses. 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.
This week also saw fellow employee-focused FinTech company Tapcheck closed its Series A. The company develops employee financial wellness and earned wage access services.
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