Toast: the embedded-finance story, 2011

82% of Toast’s $6.2B revenue came from payments

Revenue 2025: $6.2B

82%

15%

Financial technology solutions (payments and Toast Capital) $5B · 82%Subscription services $936M · 15%Hardware and professional services $180M · 3%

Of the $5B payments revenue

77% paid out

23%

Costs of financial technology solutions (interchange, network and processing fees) $3.9BKept by Toast $1.1B

$195.1B

payment volume processed

2.6%

of volume earned as payments revenue

$1.6B

gross profit

$292M

operating profit

Revenue grew 24% on 2024. Fintech revenue includes Toast Capital lending. Source: Toast Q4 and full-year 2025 results (SEC filing) ↗

2011

● Founded

Toast founded in Boston as a restaurant POS platform.

2016

◆ Funding

Raised $30M Series B led by Bessemer to accelerate growth.

2019

◇ ProductEmbedded finance

Launched Toast Capital, offering loans to restaurant customers via WebBank.

2021

▲ Acquisition

Acquired xtraCHEF: Restaurant back-office / invoice management platform, now powering Toast Sync accounting integrations.

Source ↗

◆ Funding

IPO on NYSE (TOST). Adyen partnership begins to support international expansion.

2024

○ MilestoneSepEmbedded finance

~90% of total revenue derives from financial services (primarily payments).

Source ↗

2026

○ MilestoneJan

Announced AI capabilities (inventory insights, SKU management, invoice scanning) expanding beyond restaurants into food/beverage retail; generates over 70% of revenue from financial services layered on its software.

Source ↗

■ PartnershipAug

Adyen expanded its Toast partnership into the U.S., adding to existing coverage in Ireland, UK, Canada, and Australia.

Source ↗

■ PartnershipSepEmbedded finance

Toast launched Toast Fuel, extending its cloud POS platform to gas stations and convenience stores — unified fuel payments (pump + in-store), retail and foodservice on one platform, EMV-certified payments and fleet card acceptance. Partnering with OWL Services for onsite installation.

Source ↗