Toast, Inc.

Toast, Inc. is a restaurant-technology company founded in 2011, built around a POS system that co-founder and CEO Aman Narang describes as effectively "an operating system, the ERP for restaurants" . The company went public in 2021 at a $20 billion valuation after nine years of private growth, and as of late 2024 carried a market cap above $15 billion with $1.2 billion in annual recurring revenue and roughly 13% U.S. market share across 120,000 restaurant locations .

Toast's product suite expanded well beyond payments into online ordering, kiosks, staff scheduling, and lending through Toast Capital, which reached $1 billion in annualized loan originations . Narang frames the company as both SaaS and fintech, with the two sides reinforcing each other—payment data enables embedded finance, while software drives customer acquisition . The firm is now pushing into adjacent verticals such as grocery, convenience stores, and fuel retail, and continues to weigh enterprise and international expansion against execution risk .