Toast
Also a provider — view Toast’s profile →“Can a restaurant POS become the full financial operating system for hospitality?”
Founded2011
HQBoston, Massachusetts, United States
FoundersSteve Fredette, Aman Narang, Jonathan Grimm
Latest roundIPO 2021
Valuation$16.9B market cap
IndustryVertical SaaS / Restaurants
The story
Toast began as a restaurant POS system in 2011 and has evolved into the vertical operating system for restaurants — bundling hardware, software, payments, payroll, lending (Toast Capital), and insurance. It IPO'd in 2021 and now facilitates over $215B in gross payment volume across ~180,000 locations. Its embedded finance strategy layers Toast-branded financial products (Capital, Payroll, Pay Card, Insurance) on top of a self-operated payments facilitator business, with Adyen selected as the strategic global processing partner.
Product timeline
2011
Toast founded in Boston as a restaurant POS platform.· founding
2016
Raised $30M Series B led by Bessemer to accelerate growth.· funding
2019
Launched Toast Capital, offering loans to restaurant customers via WebBank.· lending
2021
IPO on NYSE (TOST). Adyen partnership begins to support international expansion.· ipo
2026
Adyen partnership expanded into the U.S. to support processing across ~180,000 locations and $215B in GPV.· expansion
Acquisitions
The stack
10 layers disclosed in Toast’s embedded-finance stack
Payments / PSP
Card network
in the full report
Lending
in the full report
Payroll
in the full report
Insurance
in the full report
Open banking
in the full report
Unified APIs
in the full report
KYC
in the full report
Sponsor bank
in the full report
Accounting
in the full report
Accounting gap: minor
19 more providers across 9 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.