Blackbird

What Blackbird does

Blackbird is a New York-based Web3 hospitality technology company founded in 2022 by Ben Leventhal (co-founder of Resy and Eater) that builds blockchain-based payment and loyalty infrastructure for independent restaurants. The company targets the structural margin pressure facing independents — average restaurant margins have fallen below 5% from roughly 20% in the early 2000s — and the inability of non-chain operators to field the data-driven loyalty programs that large brands use to retain guests.

The platform is anchored by a proprietary layer-3 blockchain called Flynet, launched on mainnet in February 2025 on Coinbase's Base L2. Flynet underwrites Blackbird Pay, a settlement product that charges restaurants a flat 2% transaction fee (versus an industry standard of 3-5%) and lets diners settle checks on-chain using the native $FLY cryptocurrency, with NFC-enabled check-ins for engagement. The Blackbird Club tiered loyalty program, launched in April 2025 alongside the Series B, replaces fragmented punch-card schemes with cross-restaurant programmable rewards, dynamic value exchange, and VIP access. A secondary $F2 token grants restaurants and diners ownership stakes in the network, creating alignment between the two sides of the marketplace. Behavioral data is captured into Guest Value Scores for targeted marketing.

Blackbird's revenue model is primarily a 2% transactional take rate on payment volume flowing through Blackbird Pay, with the platform free for diners. As of mid-2026, approximately 2,500 independent restaurant locations across New York, San Francisco, and Charleston have signed on, with platform spending reported to have grown 1,000% in 2025. The company has raised roughly $85M in total funding across a 2022 seed, a 2023 Series A led by Andreessen Horowitz ($35M post-money valuation), and a $50M Series B (closed late 2024, disclosed April 2025) led by Spark Capital with Coinbase Ventures, a16z crypto, USV, and Amex Ventures participating. The Series B included token warrants tied to a future Blackbird-issued cryptocurrency, introducing a token-denominated economic dimension to the cap table.

Name

Blackbird

Legal name

Blackbird

Website

https://blackbird.xyz

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Blackbird is a New York-based Web3 hospitality technology platform that combines blockchain-based payment processing at a 2% fee, cross-restaurant loyalty programs, and diner data analytics for independent restaurants, built on its proprietary Flynet L3 blockchain on Coinbase's Base L2.

Ownership category

akta.pro rank

Product category

Restaurant Payment & Loyalty Platform

akta.pro primary industry

Payments, Remittances & Merchant Acceptance (checkout, invoicing, payroll) (FSAPAEAE)

Keywords

• Restaurant payment processing
• Blockchain loyalty platform
• Web3 hospitality technology
• Cryptocurrency loyalty rewards
• Restaurant fintech platform

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Payment Processing Fees (Blackbird Pay): Blackbird charges restaurants a flat 2% transaction fee for payments processed through its Blackbird Pay system, compared to the industry standard of 3-4% (and as high as 3.5-4%). This is the primary revenue stream and directly addresses restaurant profitability challenges given average margins now under 5%, down from 20% in the early 2000s. The fee covers payment processing, loyalty integration, and diner data collection.
2. Token Warrants (Series B Funding): The $50M Series B funding round includes warrants for an unreleased cryptocurrency, suggesting a future token issuance component to the revenue model. The company's Flynet blockchain and $FLY/$F2 token ecosystem create potential for token-denominated economics across the restaurant network.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels4 records

Core offering

Blackbird is a Web3 hospitality technology platform that combines blockchain-based restaurant payment processing, cross-restaurant tiered loyalty programs, and diner data analytics into a single integrated solution. It charges independent restaurants a flat 2% transaction fee (versus the industry standard of 3-5%) through Blackbird Pay, delivers a Blackbird Club loyalty program replacing punch cards with programmable rewards, and runs the Flynet layer-3 blockchain on Coinbase's Base L2, issuing native $FLY and $F2 tokens to align incentives across restaurants and diners.

Product overview

Blackbird is a Web3 restaurant loyalty and payment platform built on Coinbase's Base blockchain, combining multiple interconnected products: Blackbird Pay (blockchain-based payment processing at 2% fees), Blackbird Club (tiered loyalty program with programmable rewards), and the Flynet layer-3 blockchain network. The platform uses dual-token economics ($FLY for customer rewards, $F2 for network ownership stakes) to enable restaurants to reduce payment processing costs, collect diner data for targeted marketing, and create cross-restaurant loyalty programs. The system integrates NFC check-in technology and 'Guest Value Scores' to enhance guest engagement and provide restaurants with customer analytics.

Differentiator

Problem solved

Functional benefit

Brands

• Blackbird Club: A tiered loyalty program launched alongside the Series B funding announcement, offering programmable rewards and benefits for restaurant customers.
• Blackbird Pay
• Flynet

Products and services

• Blackbird Pay A blockchain-based restaurant payment processing system built on Coinbase's Base L2 that allows diners to settle checks on-chain using the native FLY cryptocurrency token or linked payment methods. Restaurants are charged a flat 2% transaction fee, materially lower than the 3-5% industry average. The product integrates NFC check-in, automatic bill settlement, and loyalty rewards issuance, and is targeted at independent restaurant operators seeking to lower payment processing costs and access diner data.
• Blackbird Club A cross-restaurant tiered loyalty program that enables independent restaurants to create programmable rewards, dynamic value exchange, demand shaping, and VIP access benefits across a network of participating venues. It replaces traditional blunt loyalty tools like punch cards with network-wide programmable loyalty tied to the Flynet blockchain and $FLY/$F2 token economy, targeted at independent restaurant operators and the diners who frequent them.
• Flynet Mainnet Blackbird's proprietary layer-3 blockchain network launched on Coinbase's Base L2, providing decentralized, low-cost infrastructure for restaurant payments and loyalty. It enables on-chain settlement of restaurant transactions, issuance of $FLY loyalty tokens and $F2 network ownership tokens, and serves as the underlying ledger for Blackbird Pay and Blackbird Club, designed for restaurants and diners participating in the network.
• Blackbird App The consumer-facing mobile application that allows diners to discover partner restaurants, check in via NFC, earn $FLY tokens for check-ins and dining activity, redeem loyalty rewards, and pay using Blackbird Pay at participating venues. It is free for diners to use and is targeted at consumers who frequent independent restaurants in Blackbird's markets.

Quantifiable outcome

• Saves restaurants 1-2% per transaction (2% flat fee vs 3-5% industry average)
• +3 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered minor and core.

• NomaminorGTM or Marketing Partner · 10 March 2026Blackbird was a sponsor of Noma's Los Angeles pop-up residency, having purchased approximately $100,000 worth of tickets. Following abuse allegations against chef René Redzepi, Blackbird withdrew its sponsorship, with proceeds refunded or donated to hospitality worker organizations.
• Coinbase (Base L2 Blockchain)coreTechnology or Integration · 27 February 2025Blackbird's Flynet mainnet runs on Coinbase's Base L2 blockchain. This is a strategic technology partnership where Coinbase's infrastructure enables Blackbird's decentralized payment and loyalty ecosystem. The relationship combines financial backing from Coinbase Ventures with deep technical integration.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Stripe: Stripe is a global payments infrastructure provider whose restaurant and platform partners compete with Blackbird Pay on payment processing economics and developer-grade tooling.
• Block (Square): Block's Square offers payment processing and software tools widely used by independent restaurants. It is a broad incumbent competing with Blackbird Pay on transaction fees and POS-adjacent services.
• OpenTable: OpenTable is an established restaurant reservations, marketing, and guest-management platform. It overlaps with Blackbird on diner engagement, data, and the independent-restaurant customer base.

Direct peers

• Resy: Resy is a restaurant reservations and diner-engagement platform (acquired by American Express) co-founded by Blackbird's founder Ben Leventhal. It targets the same independent restaurant segment and diner base, making it a foundational comparable for Blackbird's hospitality playbook.
• Punchh: Punchh (now part of PAR Technology) operates a digital loyalty and engagement platform for restaurant chains and independents. It overlaps with Blackbird's loyalty and diner-data offering for restaurant operators.
• Toast: Toast is a leading restaurant POS and payments platform serving independent operators with integrated payments, loyalty, and marketing tools. It is the closest direct competitor to Blackbird's combined payments-and-loyalty thesis for independent restaurants.
• Olo: Olo is a restaurant ordering and payments SaaS provider serving enterprise and growing chains. It is comparable to Blackbird on the digital ordering, payments, and diner-data axis for restaurant operators.
• Paytronix: Paytronix provides loyalty, gift cards, and online ordering for restaurants. It is a direct competitor to Blackbird Club on the cross-restaurant loyalty and diner-data layer.

Emerging players

• Fold: Fold is a bitcoin rewards and payments app that issues crypto incentives for spending. It is comparable to Blackbird on the consumer crypto-rewards model and merchant-side bitcoin payments infrastructure.
• Lolli: Lolli is a bitcoin rewards platform that partners with merchants to offer crypto back to consumers. It is comparable to Blackbird on the web3 loyalty and merchant-incentive mechanics, though without Blackbird's proprietary payment rail.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/blackbird_xyz
• LinkedInlinkedin.com/company/blackbirdlabsinc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds3 records

Investors22 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Blackbird