San Francisco-based SpotOn Secures USD 50 Million in Series B Round of financing

By StartUp City | Monday, March 16, 2020

The company is focused on empowering small- and medium-sized businesses (SMBs) by providing enterprise-level solutions at affordable prices. SpotOn's ecosystem goes way beyond traditional payment processing and point-of-sale (POS) software

FREMONT, CA: Innovative payments and software firm SpotOn Transact, Inc. raises USD 50 million in a Series B round of financing with investments from 01 Advisors, an investment and advisory firm founded by Twitter's former CEO Dick Costolo, former COO Adam Bain and former Corporate Development and Investor Relations executive David Rivinus, along with returning investors Dragoneer Investment Group, Franklin Templeton, and EPIQ Capital Group. Last year SpotOn achieved a record increase in revenue, registering a 150 percent increase. The company has been able to carry forward that momentum into 2020, adding over 5,000 customers already.

"Businesses need help navigating the digital shift in commerce, whether that's utilizing new payment methods, leveraging actionable data, or taking advantage of new mediums to communicate with their customers," stated Zach Hyman, Co-Founder of SpotOn. "Business owners are rapidly selecting SpotOn as their go-to technology partner, and we're excited to continue building SpotOn into a household name within the business community and beyond."

Top Data Analytics StartupsThe company is focused on empowering small- and medium-sized businesses (SMBs) by providing enterprise-level solutions at affordable prices. SpotOn's ecosystem goes way beyond traditional payment processing and point-of-sale (POS) software. It integrates payment capabilities with POS and software tools to create customized, end-to-end solutions to fit any type of business. These include marketing, website development, appointment scheduling, digital loyalty, review management, and both retail and restaurant POS solutions.

"There are companies that build great products, and there are companies that build great sales teams, but it's rare to find an organization that can do both," said Dick Costolo, Managing Partner and Co-Founder of 01 Advisors. "SpotOn has proven an unwavering commitment to building products that matter and getting them into the hands of businesses nationwide."

Headquartered in San Francisco, SpotOn has an expanding product, technology, and operations teams in Chicago, Detroit, and Denver, as well as newly opened offices in Mexico City, Mexico, and Krakow, Poland. Currently, the company is looking to hire over 850 people to support the increasing demand for its solutions.

See also: Top Loyalty Management Solution Companies

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