By integrating payment capabilities with POS and software tools, SpotOn creates customized, end-to-end solutions to fit any type of business
FREMONT, CA: SpotOn Transact Inc., a cutting-edge payment processing solution for small businesses, raised $50 million in Series B round of financing. Leading investors in the round of funding were 01 Advisors, an investment and advisory firm founded by Twitter's former CEO Dick Costolo, former Corporate Development and Investor Relations executive David Rivinus, and former COO Adam Bain. EPIQ Capital Group, Franklin Templeton, and Dragoneer Investment Group were the returning investors who joined the round of funding. SpotOn increased its revenue by over 150 percent last year. The company has successfully added 5,000 more clients this year to keep moving the momentum.
SpotOn provides enterprise-level solutions at an affordable price to empower small- and medium-sized businesses (SMBs). The start-up's ecosystem goes way beyond the conventional payment processing and point-of-sale (POS) software. By integrating payment capabilities with POS and software tools, SpotOn creates customized, end-to-end solutions to fit any type of business. The solutions include website development, marketing, digital loyalty, appointment scheduling, review management and both restaurant and retail 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."
SpotOn plans to use the $50 million funding by investing in product development building solutions for specific verticals. Carrying the legacy of generating high revenue from the previous year, SpotOn builds strategy focused on the food and beverage industry. The Restaurant Advisory Board of SpotOn aims at harnessing the expertise of world-class restaurateur. The company has tripled the development team to improve and enhance its restaurant solution.
"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."
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