“Can an AI-native AP automation platform become the embedded payments rail between hospitality operators and their vendors?”
Founded as Plate IQ, a restaurant-focused invoice automation and accounts payable platform. After a $160M Series B from FTV Capital in 2021, the company expanded its VendorPay payments network to close the gap between operators and vendors. The company has since rebranded to Ottimate, repositioning as an AI-first AP automation platform (#1 AP automation AI provider) extending beyond restaurants into broader hospitality and other verticals.
Plate IQ processes payments through Stripe Connect and VendorPay (self-operated).
Plate IQ is headquartered in San Francisco, California, United States.
Plate IQ has raised $160M+ (Series B) in total (latest round: Series B, 2021).
Get a read on where your own stack stands against Plate IQ and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.