Blackbird Labs, founded by Resy and Eater co-founder Ben Leventhal, has launched Blackbird Pay, a Web3 payments platform aimed at revolutionizing restaurant payments.
Points
- Blackbird Pay aims to address shrinking margins and eroding cash reserves for restaurants.
- The platform provides an end-to-end payments and check settlement network.
- It helps restaurants save on processing fees and improve financial transparency.
- Blackbird is also developing discovery applications to drive traffic during slow periods.
- The company raised $24 million in Series A funding led by Andreessen Horowitz.
Blackbird Labs, a hospitality-tech startup founded by Resy and Eater co-founder Ben Leventhal, has launched a Web3 payments platform for restaurants called Blackbird Pay, according to a July 30 announcement. Built on Blackbird’s new blockchain network, Blackbird Flynet, the platform gives restaurants a way to address the ever-growing problem of shrinking margins and eroding cash reserves by providing them with their very own end-to-end payments and check settlement network for the first time.
In the last decade, restaurant technology has “made virtually no progress with payments, which tend to be expensive, cumbersome, and technologically opaque for most restaurants,” Leventhal said.
Blackbird Pay aims to change this by offering a transparent and efficient payment solution. The platform helps restaurants save on processing fees, which can amount to thousands of dollars a month. Roni Mazumdar, co-owner of Unapologetic Foods, highlighted the potential savings, emphasizing that services like Blackbird Pay could significantly reduce financial burdens for restaurant owners.
The company is also developing messaging and discovery applications for restaurants, including programs like Blackbird Breakfast Club and Bar Blackbird, designed to drive traffic during slow periods. These initiatives are part of Blackbird’s broader strategy to enhance restaurant operations and customer engagement.
Blackbird Labs raised $24 million in a Series A venture funding round led by Andreessen Horowitz. Current restaurants on Blackbird include notable names such as Barbuto, Crown Shy, Momofuku, Nom Wah, and Saga in New York; Leon’s in Charleston; and Birdsong in San Francisco.
Analysis
- Innovative Payment Solutions: Blackbird Pay’s introduction of a Web3 platform addresses long-standing issues in restaurant payment processing, offering transparency and efficiency.
- Cost Savings: By reducing processing fees, Blackbird Pay helps restaurants improve their financial health, which is crucial in the competitive hospitality industry.
- Enhanced Customer Engagement: The development of discovery applications and targeted programs aims to drive customer traffic during slow periods, benefiting restaurant owners.