Latest funding round will enable cashless tipping solutions firm JustTip to further expand into the UK.
Cashless tipping firm JustTip has raised €1.1m in an investment led by ComOp and Enterprise Ireland.
The latest funding round brings total investment in the company led by James Fahy and Ciara Walsh to €2.1m.
“All tips generated through our systems are collected, pooled, and distributed weekly directly to the employees’ bank accounts bypassing the employer completely”
This funding milestone marks significant growth for JustTip, which has seen a 300%+ increase in business in 2024.
Launched in 2021, by the now 23-year-old entrepreneurs, the Irish fintech with offices in Dublin and Manchester, continues to spearhead innovation in the hospitality sector.
Tip top shape
JustTip addresses key challenges in the hospitality industry, including the rising costs, new legislation, and the need to automate core components in the business.
The platform, used by over 600+ merchants and 13,000 employees in Europe and the UK, ensures compliance with the recent legislation change in the UK, as well as the change to Ireland’s Payment of Wages (Amendment) (Tips and Gratuities) Act 2022.
These laws require employers to show complete transparency on all tips, gratuities, and service charges to workers; as well as providing a detailed breakdown of electronic tips and their distribution.
“All tips generated through our systems are collected, pooled, and distributed weekly directly to the employees’ bank accounts bypassing the employer completely,” Fahy explained.
“This ensures transparency and fairness, empowering employees with tools to ensure that tips left for them, go to them; while also streamlining processes for employers.”
Since launching, the founders, who have been named in the Sunday Independent ‘30 under 30’ list and more recently in ‘TechRound 100’, have brought the platform to new levels, winning ‘FS Challenger of the Year’, as well as ‘National Start-up of the Year’, to name a few.
“This validation is testament to the platform’s initial adoption and exponential growth,” Fahy said. The newly secured funding will continue the platform’s expansion across the UK, foster deeper relationships within the hospitality industry, and accelerate the company’s product innovation and team growth.
“As the hospitality industry continues to embrace digital transformation, JustTip remains committed to driving innovation and setting new standards for excellence,” Fahy added. “This investment is a huge vote of confidence in our vision and will enable us to continue our rapid growth into 2025 and beyond.”
Innovative, fast and growing
Speaking on behalf of the lead investors, Glen Magee of ComOp said: “JustTip is our third investment in the payment and tipping space in 2024. The automation of payment and tipping is being driven by legislation and the increased use of non-cash payments. Where JustTip stood out in this space is the exceptional leadership team of James and Ciara. The company and product is a representation of their personalities; it is innovative, fast growing, and we got a feeling of ‘you have seen nothing yet’. We are excited by both their product expansion and geographical expansion, and are here for the long term.”
Earlier this year JustTip expanded its offering with the introduction of JustTip Flex, a new mobile tipping solution developed for restaurants, pubs, and hotels offering table service. By enabling customers to tip independently of their bill, JustTip Flex enhances tip earnings for servers, and aligns businesses with the latest regulations.
Karen Cohalan, Head of Fintech, Financial and Business Services, Enterprise Ireland, added: “JustTip and its innovative fintech solution is a prime example of how cutting-edge products and services from pioneering Irish owned companies are delivering solutions for global challenges. This investment round will support the company’s expansion in global markets, as well as accelerating its innovation and growth.
“Enterprise Ireland is committed to supporting Irish-owned companies to start, grow and scale, and JustTip was earlier this year announced as the winners of the 2024 Enterprise Ireland Student Entrepreneur Awards. We would like to congratulate James, Ciara, and all the team on their achievements to date, and on this important milestone.”
Main image at top: JustTip founders Ciara Walsh and James Fahy
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