Paytronix draws $65 million in funding for restaurant payments tech
Paytronix Systems has received a $65 million private equity investment from Great Hill Partners to power its development of payment and loyalty systems for restaurants.
Newton, Mass.-based Paytronix, launched in 2001, will use the funds to accelerate its growth and improve pay-at-the-table and other technology it provides to 16,000 U.S. restaurant locations, including the Panera Bread and California Pizza Kitchen chains, according to a Monday press release.
Great Hill Partners, based in Boston, identified Paytronix as a market leader in providing payment and loyalty solutions to increase customer traffic and sales, according to Nick Cayer, a partner with Great Hill.
“To fully execute the vision we’ve set for the company, we needed a financial partner that could quickly scale with us,” said Andrew Robbins, Paytronix’s president and co-founder.