(Lightspeed team in Montreal)
Montreal-based POS software provider Lightspeed continues to expand its operations into Canada, as well as internationally. The company’s platform is considered to be the most powerful in the world, and it’s growing quickly as it targets independent businesses with its omnichannel functionality that includes both eCommerce and brick-and-mortar retailers. Lightspeed is ultimately seeking to level the playing field for smaller Canadian retailers as international retailers continue to enter the market, by providing sophisticated technology in an accessible manner.
Over 40,000 businesses are using Lightspeed globally, with numbers growing rapidly. Over $15 billion in transactions in over 100 countries are processed annually using the platform. Lightspeed differentiates itself from competitors like Square and PayPal with its back-office software, and it’s looking to further attract retailers in Canada. The company says that it believes that “small and medium-sized businesses revive our streets by offering something unique that you can’t find in your average chain store.”
The company was founded in 2005 by Dax Dasilva, beginning with four employees working out of a Montreal apartment. Lightspeed has seen remarkable growth in just over a decade, now boasting over 500 staff in eight offices around the world. Originally offering retail POS software only, the company has quickly expanded its offering with a POS for restaurants, an eCommerce platform and an omnichannel selling solution. Lightspeed helps businesses streamline their operations and improve customer service by bringing together inventory, customer management, sales and analytics into a single platform. As a result, retailers gain a competitive edge by managing their brick-and-mortar and online stores from a single platform, helping create a uniform brand experience as well as the ability for shoppers to access the retailer’s site 24 hours/day, seven days/week.
Lightspeed is one of the fastest growing tech companies in Canada, and is backed by Accel Partners, iNovia Capital, Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec (IQ). We’ll provide updates on the company’s growth here on Retail Insider, as it’s a Canadian success story worth noting, particularly as it grows rapidly amid fierce competition.
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