Next Generation Payments and Software Company Will Use Capital to Accelerate Growth and Fuel Expansion into New Markets
SpotOn Transact, LLC (“SpotOn”), an innovative payments and software company, announced $40 million in new funding led by Franklin Templeton, with significant participation from Dragoneer Investment Group.
“Whether you’re a restaurant looking for a cloud-based point-of-sale solution, a salon looking to book appointments through a custom-built website, or an auto repair shop looking for ways to build relationships with customers, SpotOn has developed a variety of powerful solutions for all types of merchants.”
SpotOn’s revenue has grown more than 400% over the last 12 months, and the company has added over 3,500 clients in the last 90 days. This round of funding will be used to accelerate its momentum and fuel its expansion into new markets. As part of these efforts, the company plans to continue growing its field sales team, and expects to add an additional 100 employees in its high-growth SpotOn Restaurant division.
SpotOn was founded in 2017 by Matt and Zach Hyman, twin brothers who each have more than 20 years of payment processing experience and most recently sold Central Payment to Total System Services (“TSS”) with a final valuation of $840 million, along with seasoned Chicago FinTech entrepreneur Doron Friedman. They built the company on the premise that small- and medium-sized businesses (SMBs) are the hallmark of the American economy, comprising 99.7% of businesses in the U.S., and yet they have been left underserved by FinTech companies. Going beyond traditional payment processing, SpotOn integrates payments capabilities with its software solutions to give businesses an unparalleled set of growth-driving tools.
“Small- and medium-sized businesses are starved for solutions to help them grow and function,” said 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 investment into product development has produced numerous valuable solutions for businesses to choose from, including:
- Fully-Integrated Point-of-Sale (POS) Solutions
- Custom Websites
- Digital Loyalty & Marketing
- Review Management
These tools come with personalized service and setup and are easily accessible to all SpotOn clients. The platform saves businesses time by enabling them to be more efficient, allowing them to transact with their customers however they want, and helping them build relationships with customers in ways they never could before.
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“SpotOn’s rapid growth and ability to bring real value to the SMB market has been incredibly impressive,” said Chris Anderson, Vice President and Portfolio Manager at Franklin Templeton. “Whether you’re a restaurant looking for a cloud-based point-of-sale solution, a salon looking to book appointments through a custom-built website, or an auto repair shop looking for ways to build relationships with customers, SpotOn has developed a variety of powerful solutions for all types of merchants.”
The last 12 months have been transformational for SpotOn. Highlights have included the acquisition of EmaginePOS to create a best-in-class restaurant POS offering, the acquisition of Lifeyo to offer customized websites, and the doubling of the SpotOn sales and service teams—all while maintaining the personal level of support clients deserve.
SpotOn is headquartered in San Francisco with expanding product and technology teams in Chicago and operations in Detroit. The company currently has more than 550 employees, including 350 field sales representatives, across the organization.
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