Adyen Founder’s Hospitality Startup, Tebi, Raises $34 Million

Tebi, a FinTech launched by Adyen co-founder Arnout Schuijff, raised 30 million euros (about $34 million).

The Series B funding round was led by CapitalG, Google’s growth fund, and will help Tebi develop its hospitality management platform, according to a Tuesday (June 10) company blog post.

“Hospitality owners don’t open their doors because they love integrating five different software systems or wrestling with manual inventory counts at 2 a.m.,” Schuijff wrote in the post. “They do it for the craft, the community, the look of delight in the customers’ eyes when they have an amazing evening.”

However, the technology serving these business owners has been “fragmented, clunky and built by people who’ve never worked a dinner rush,” he wrote in the post, with things like point-of-sale, payments, inventory, reservations and kitchen tickets spread across different platforms.

Tebi unifies point of sale (POS), payments, kitchen displays, reservations, inventory and bookkeeping “around a real-time accounting backbone,” offering an accounting architecture called “subledgers” that can help businesses “scale from a single invoice to enterprise-level operations,” the post said.

The company is also “reimagining workflows” with artificial intelligence “to eliminate friction that’s plagued hospitality for decades,” according to the post.

The funding comes as POS technology “has been evolving to support the aspiration that commerce can happen pretty much anywhere on the premises, in the aisle or at the table (and with no cash changing hands),” PYMNTS wrote in April.

Handheld devices, tablets and smartphones become the conduits of data that offer embedded financing and a range of payment options “that can boost sales conversions and also encourage repeat business,” the report said.

The PYMNTS Intelligence report “How SoftPOS Is Poised to Revolutionize Payments” found a high demand for SoftPOS, which enables tap-on-mobile and tap-to-pay options.

“Beyond its appeal for micro-merchants, SoftPOS also provides significant advantages for brick-and-mortar businesses,” PYMNTS wrote in October. “For instance, traditional POS systems often lead to long wait times during peak hours, which can frustrate customers and result in lost sales. By using SoftPOS, staff can accept payments directly from customers anywhere in the store, enhancing the shopping experience and reducing bottlenecks. This flexibility not only improves customer satisfaction but also allows retailers to optimize staff deployment.”