Tabbedout, the mobile payment solution that enables customers to open, view and pay their bar or restaurant tab with their phone, today announced that Paul Fiore has been named Chief Executive Officer.
Fiore brings more than twenty years of executive leadership experience in the technology and financial services industries to Tabbedout. His previous roles include general manager of bank products for prepaid financial services company Green Dot (NYSE: GDOT), vice president of strategy for XP Systems, and CFO for AT&T Employees Federal Credit Union. He was also co-founder and CEO of banking software provider Digital Insight, which was purchased by Intuit for $1.35 billion in 2007. Fiore’s primary goals for Tabbedout include expanding the merchant footprint and driving revenue growth in existing and new markets.
“We’re thrilled to have someone of Paul’s caliber and experience join our team,” said Rick Orr, Tabbedout co-founder and executive vice president. “The Board and I were determined to find a great and proven leader to really capitalize on what we’ve built. Paul brings both powerful market perspective and an amazing track record to our team and Board.”
“With his background in financial services and technology, Paul has a unique combination of skills that will help propel Tabbedout through its next stage of growth,” said Scott Sandell, NEA general partner and Tabbedout board member. “He has demonstrated a keen ability to identify the core strengths of a company and execute a long-term, strategic plan to seize new opportunities.”
With more than 400 locations nationwide using Tabbedout and integrations with key point-of-sale (POS) partners, Tabbedout has grown rapidly since its inception in 2009 and continues to add new merchants daily across the US. Available for free on both iPhone and Android smartphones, Tabbedout allows users to store credit or debit card information directly on their phone, encrypted and under passphrase protection, instead of on host servers or in “the cloud” where the most public data breaches have occurred. Consumers are safe from the threat of stolen identity due to lost or forgotten creditcards since they now can open and pay their tab directly from their phone, without handing their sensitive payment information to a server.
Tabbedout also allows customers to share their experiences with friends: the app is socially integrated, allowing users to “check-in” to venues via their Facebook, Twitter and Foursquare accounts directly through the application.
“I am excited to join Tabbedout at such a pivotal time in its history,” said Fiore. “The mobile payments industry is similar in many ways to the Internet software sector in the mid-1990s: vast opportunity, dramatic growth in technical capability and consumer adoption. The ultimate winners had the right product at the right time, a solid team, investors that added value, a sustainable business model and a well-thought out partnership strategy. I believe Tabbedout has all of these ingredients.”