A fintech start-up that provides cloud-based point of sale software to hospitality firms has officially launched after moving into its first base in Coventry.
Olouris, which offers a mobile point of sale – or mPOS – service for its clients that can be downloaded as an app and used on a smartphone or tablet, has recently taken space at the Business Innovation Centre, Binley – part of the University of Warwick Science Park – as it hopes to grow quickly following its launch.
The app allows restaurants to avoid the need for traditional tills to process customer orders and payments by using the same device for accepting contactless payments via ApplePay or Google Pay, reducing initial costs for businesses as they do not need to purchase a separate card reader.
Olouris is already drawing attention from both quick-service-restaurants and table service restaurants and have rapid plans for expansion as it heads into the new year.
Ahmed Sadeeq, Technology Delivery Lead at Olouris, had operated traditional electronic point of sale (EPOS) business EPOS Anytime before co-founding Olouris as a separate entity.
He said: “Feedback from potential customers showed that traditional EPOS terminals were often considered too costly and provided little flexibility.
“Olouris’s focus on mPOS means our customers only require a smartphone or tablet to get started – all they’d need to do is download our app and create an account.
“This is a huge advantage to businesses as they don’t need to invest in costly hardware to get a POS setup. Initial outlays for a basic terminal can cost around £1,200 for the customer, and are not suitable for certain hospitality businesses like food trucks that have limited space.
“It also means that any changes to the system can be done remotely by the customer instead of having to be at the terminal thanks to our cloud-based system we now use.
“Our app is also full of features such as gift card and loyalty support, integrated kitchen display screens, self-service kiosks, real-time food wastage control and has a powerful online reporting suite. It can also be used for table reservations and order processing by using VoIP, something which no other POS providers are offering.
“We’ve already had very positive conversations with interested clients, and we’re confident of growing our customer base as single and multi-outlet companies see the benefit of what we can offer.”
Ahmed and the team wanted a physical base for Olouris in time for its launch, and knew the Business Innovation Centre offered start-ups incubator offices through its ‘Ignite’ programme, which is designed to help young start-ups access Science Park resources and business support to help them grow.
“Victoria, Dirk and the team at the Business Innovation Centre were brilliant in finding us a new space,” Ahmed added.
“We’re already in discussions about setting up a product showcase event for prospective clients and partners in the new year, so I’m confident we can hit the ground running now that we’ve officially launched.”
Victoria Lynch, Centre Manager at the Business Innovation Centre, added: “Our Ignite incubator offices were perfect for Olouris in its current stage.
“We have regularly seen companies starting out in our Ignite offices quickly outgrow them to move into bigger spaces within the Business Innovation Centre following the business advice and support we provide as part of the programme.
“It’s great to see Olouris has settled in so quickly and we’re looking forward to helping Ahmed and the team grow the firm during their time here.”
CAPTION – From left: Ahmed Sadeeq, Dirk Schaefer (SME Engagement Lead at University of Warwick Science Park), Victoria Lynch, and Farrukh Khawaja (Olouris)