SME payments firm SpotOn to build on growth with $40m funding
San Francisco-based payments and software company SpotOn has raised $40 million in a funding round led by Franklin Templeton, reports Jane Connolly.
Dragoneer Investment Group also participated significantly in the round, which will fund accelerated growth and new market expansion to build on SpotOn’s recent momentum.
Having grown by more than 400% in the last 12 months and attracted over 3,500 new clients since March, the fintech aims to expand its payments offering to the underserved American SME community.
“Small and medium-sized businesses are starved for solutions to help them grow and function,” says co-founder Matt Hyman. “SpotOn is redefining how SMBs operate by offering tools previously only accessible to customers with deep pockets or massive teams. But for SpotOn, it’s more than just tools and technology – it’s about our team’s unique personal approach to help our clients navigate through these new technologies.”
SpotOn’s products include fully integrated point-of-sale (POS) solutions, custom websites, appointments, digital loyalty and marketing, and review management.
To assist with these offerings, SpotOn acquired Lifeyo to provide the customised websites and EmaginePOS to develop a best-in-class restaurant POS solution.
The company will be increasing its 550-strong workforce with the addition of more sales staff and 100 new employees to its SpotOn Restaurant division.
SpotOn was founded in 2017 by fintech entrepreneur Doron Friedman and twin brothers Matt and Zach Hyman, who previously sold Central Payment to Total System Services with a final valuation of $840 million.