Plate IQ Secures $160M Series B to Transform Vendor Payment Infrastructure Across Industries

Plate IQ, the prominent provider of automated accounts payable solutions and digital payment networks for hospitality and food service sectors, has closed a substantial Series B funding round valued at $160 million, led by FTV Capital. This capital injection marks a pivotal moment for the company as it pivots toward horizontal expansion beyond its core restaurant and hospitality verticals.

New Leadership Drives Strategic Expansion

The financing announcement coincides with a significant leadership transition. Barrett Boston, formerly chief revenue officer at Trinet (NYSE: TNET), assumes the chief executive officer position, bringing extensive experience in scaling vertical technology applications. Boston succeeds Bhavuk Kaul, who transitions to president, retaining strategic oversight while enabling operational focus.

Boston’s appointment signals the company’s intent to pursue cross-industry adoption. “Our mission extends beyond restaurants and hospitality,” Boston stated, outlining plans to penetrate adjacent sectors including grocery retail, professional services, and specialized procurement environments. “We’re committed to creating purpose-built solutions that address the distinct operational requirements of each industry vertical.”

Addressing the Supply Chain Payment Bottleneck

The funding arrives amid persistent supply chain disruptions and evolving vendor-operator dynamics. Beyond pandemic-related logistics challenges, businesses face mounting pressure from commodity price volatility and labor constraints—forcing many to reassess their accounts payable workflows.

Plate IQ’s response centers on its Zero-Touch AP automation infrastructure, which eliminates manual invoice processing, accelerates vendor settlement, and integrates cash rebate mechanisms through its VendorPay ecosystem. This dual capability—simultaneous automation and financial incentives—has proven particularly attractive to operationally lean organizations.

Quantifiable Impact and Market Momentum

The company’s trajectory since March 2020 demonstrates substantial market adoption. Plate IQ has onboarded over 8,000 new customers while processing more than $2 billion in cumulative invoice payments through VendorPay as of October 2021. Daily transaction volumes now exceed 50,000 invoices sourced from 20,000 individual business locations, reflecting the secular shift toward digital payment infrastructure.

Tender Greens, a national fast-casual operator, provides tangible evidence of operational benefits. The company reduced its accounts payable headcount from three dedicated employees to a single team member while simultaneously expanding from 17 to 24 locations—demonstrating how Plate IQ’s automation cuts administrative overhead by approximately 50 percent.

Strategic Positioning Within B2B Payments

FTV Capital’s involvement strengthens Plate IQ’s trajectory within the broader B2B payments ecosystem. The $3.3 trillion middle-market payments landscape remains fragmented, with legacy systems and manual processes still dominating many verticals. FTV’s deep payments sector expertise and established network position Plate IQ to accelerate market penetration.

Robert Anderson, FTV Capital partner, emphasized the opportunity: “Digital platforms systematically replacing legacy infrastructure represent tremendous value creation potential. Plate IQ’s vertical-first engineering approach has established clear dominance within hospitality. The company is ideally positioned to replicate this success across adjacent industries.”

Execution and Next Steps

Kaul, co-founder and newly titled president, outlined an aggressive pipeline: “FTV Capital provides precisely the payments sector expertise and institutional network required to scale meaningfully. Over coming months, we’ll introduce specialized product offerings targeting pain points specific to each industry vertical.”

Board representation expands to include Robert Anderson and Gary Weber from FTV Capital, joining existing directors Kaul and co-founder Ram Jayaraman. This configuration ensures investor alignment while preserving operational continuity under Boston’s leadership.