Fintech OnTheMonee acquires hospitality platform Barcats to “re-imagine payroll for casual workers”

OnTheMonee, a Brisbane-based digital tipping fintech founded last year by former EML Payments (ASX: EML) CEO Tom Cregan, will reinforce its presence across Australian bars and restaurants with the acquisition of hospitality jobs platform Barcats for an undisclosed sum.

Barcats was founded by Jeffrey Williams in Sydney in 2017 and since then has grown its network to connect more than 54,000 venues across Australia and New Zealand with 215,000-plus hospitality professionals.

Filings lodged with the corporate regulator show its investor base included alcoholic beverage group Lion, Computershare (ASX: CPU) co-founder Chris Morris, journalist Ross Greenwood, early-stage VC firm Investible and Bain Consulting managing partner David Zehner.

Backed by leading industry figures including chef Shannon Bennett, OnTheMonee's footprint is more modest but within 18 months it already supports more than 200 venues and 10,000 cardholders, reporting rapid growth as it claims to have "redefined how hospitality workers receive and manage tips".

OnTheMonee and Barcats were joint venture partners for the development and launch in 2024 of the PAYC casual recruitment and payment solution - a pilot that demonstrated the potential to deliver faster salary payments for casual employees who under existing industry norms tend to receive salaries 7-21 days after a casual shift has been completed.

"Casual staff payroll systems haven’t evolved to keep pace with the increasing casualisation of the Australian workforce. We’re going to re-imagine payroll for casual workers with digital automation to increase speed, reduce friction and deliver a better experience for both employers and employees," says OnTheMonee founder and executive chairman Tom Cregan.

PAYC is designed as a digital marketplace where casual employees can find work and employers can hire and pay staff in a fully outsourced, compliant model.

"We’re thrilled to welcome Barcats into the OnTheMonee family," says Cregan.

"We’ve worked with them for the past 18 months and this acquisition allows us to accelerate development of our solutions into the hospitality industry.”

Barcats chief commercial pfficer Alison Johnson will continue to lead the business, working closely with Cregan and his team.

"Our mission has always been to be Australia’s leading hospitality marketplace," says Johnson.

"Joining forces with OnTheMonee means we can offer even greater value - from expanded digital assets and cardholder benefits to in-venue promotional campaigns seamlessly integrated with payment solutions. Together, we’ll set a new benchmark for the industry."