Restaurants and bars are getting smarter about the way they deal with customers these days.

Providence, Rhode Island-based Swipely makes a cloud-based payments system that lets restaurants and bars crunch data to find their best customers, detect most popular menu items, launch rewards programs, and rank food servers by sales and customer retention.

Swipely announced Thursday it has taken a new $20 million round of funding. Pritzker Group Venture Capital led the investment and was joined by existing investors First Round Capital, Index Ventures and Shasta Ventures. Pritzker Group Venture Capital and Greylock Partners also have some skin in the game from earlier rounds.

The new money brings Swipely’s funding total up to $40.5 million. The company says will use the new capital to sell its service to more hospitality retailers in more places and embark on an “aggressive” hiring spree.

Swipely, which has around 100 employees, says it now processes more than $2 billion in annual sales through its platform.

 

More information:

Swipely is a simple way for local merchants to accept payments, understand customers and grow revenue. We help local merchants succeed by transforming traditional payment processing into valuable analytics, loyalty and marketing tools ... read more »

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