Square Capital Provides More Businesses Access To Funding Through New Partnership With Upserve

Partnership marks Square Capital’s expansion to businesses outside of Square’s ecosystem

SAN FRANCISCO, August 10, 2016 – Square and Upserve today announced a partnership providing Upserve customers access to fast, flexible, and straightforward funding for their restaurants through Square Capital. This is the first time loans through Square Capital will be available to businesses that operate outside of Square’s payment processing ecosystem. Working with Upserve, Square will apply its innovative machine learning models to enable Upserve customers to select loan offers through Square Capital within their existing suite of Upserve software purpose built for restaurateurs.

"This partnership with Square further cements our dedication to helping restaurants thrive in all parts of their business. Providing our customers access to Square Capital opens up new opportunities for improvement and growth whether it be in location expansion, new equipment, or investments in technology that help modernize their operations. We can't wait to see what our customers will do with an infusion of fresh capital through our partnership," said Dave Hoffman, VP of Business Development at Upserve.

“We are proud to partner with Upserve and offer loans through Square Capital to even more small businesses who traditionally face barriers when seeking access to funds,” said Jacqueline Reses, Head of Square Capital. “Square and Upserve share a passion for empowering businesses to grow and achieve their goals, and a crucial component to success is access to capital.”

Access to capital is one of the biggest hurdles in making business growth a reality, with more than one-third (39 percent) of small businesses that apply for loans being denied or only partially funded(1). In the U.S., there are over 1 million restaurant locations of which 9 in 10 have fewer than 50 employees, and 7 in 10 are single-unit operations. With the current restaurant workforce making up 10 percent of the overall U.S. workforce and 1.7 million more restaurant jobs expected by 2026, providing access to capital can help drive forward growth and expansion of an industry that generates more than $780 billion in sales annually(2).

Upserve customers who accept loans through Square Capital will benefit from a seamless funding experience. Eligible Upserve customers will receive their loan offers directly within their Upserve Smart Management Assistant portal. Upon approval, customers can receive their funds as soon as the next business day. And repayment is easy: restaurants simply pay a fixed percentage of their daily sales, with the option to repay early at no additional fee. Eligible Upserve customers will begin receiving loan offers through Square Capital in the coming weeks.

Note: All loans are issued by Celtic Bank, a Utah-Chartered Industrial bank, Member FDIC, located in Salt Lake City, Utah. Please see your individual offer for specific details.

(1) 2015 Small Business Credit Survey; Federal Reserve

(2) National Restaurant Association

About Square Capital
Square Capital provides access to funding for small businesses, enabling them to grow and achieve their goals. Utilizing innovative machine learning models, Square Capital delivers a seamless funding experience that addresses the financial needs of small business owners. Terms are flexible and straightforward, approved funds are deposited as soon as the next business day, and repayment is simple. Square Capital complements Square’s integrated ecosystem of payments, point-of-sale, financial and marketing services.

About Square, Inc.
Square creates tools that help sellers of all sizes start, run, and grow their businesses. Square's point-of-sale service offers tools for every part of running a business, from accepting credit cards and tracking inventory, to real-time analytics and invoicing. Square also offers sellers financial and marketing services, including small business financing and customer engagement tools. Businesses and individuals use Square Cash, an easy way to send and receive money, as well as Caviar, a food delivery service for popular restaurants. Square was founded in 2009 and is headquartered in San Francisco, with offices in the United States, Canada, Japan, and Australia.

About Upserve
Upserve puts everything restaurateurs need to know in one place, providing real-time guidance to unlock the power of their menu, workforce and guest habits. One of the largest and fastest­-growing companies in the restaurant technology space, over 7,000 restaurants use Upserve to manage more than 20 million meals per month. More than 2% of all U.S. full-service restaurant sales run on Upserve Payments, which processes over eight billion dollars in annual volume. Founded in 2009, Upserve is backed by First Round Capital, Shasta Ventures, Index Ventures, Pritzker Group and Greylock Partners, among others. Upserve is headquartered in Providence with additional offices in San Francisco and Chicago.