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Lightspeed POS enjoying big transaction-processing, customer-base growth

Commerce platform player Lightspeed POS today reported that it is processing $10 billion in transactions every year and its customer base now boasts 24,000 business locations across 100 countries.

June 17, 2015

Commerce platform player Lightspeed POS today reported that it is processing $10 billion in transactions every year and its customer base now boasts 24,000 business locations across 100 countries, with the average customer processing more than $600,000 each year.

The booking figure represents a 12-percent growth compared to a year ago, according to an announcement. It reflects success with Lightspeed’s Restaurant product line, which boasts a 600-percent growth compared to a year ago. The company has seen a 260-percent growth in Restaurant POS subscribers since launch in October, 2014.

Lightspeed POS Founder and CEO Dax Dasilva attributes the robust increases to several industry trends.

"There are a lot of factors at play that make it an incredible time to be in the retail tech industry — the October 2015 deadline for U.S. retailers to change how they process credit card payments; the explosion of contactless payment options; the new bar for convenience, speed and service," said Dasilva. Global market momentum is also being driven by restaurant payment regulations coming into play for the Canadian and European markets.

"Canada has become a strong incubator for rapidly growing tech companies — particularly in commerce — and it is finally having its day. In the last 18 months we've seen a surge of investments and successful exits, and all signs point to that continuing.”