SpotOn co-founders Matthew and Zachary Hyman

San-Francisco-based SpotOn, a payments and software company for the merchant services industry, has secured $40 million in a new funding round led by Franklin Templeton and Dragoneer Investment Group.

SpotOn was founded in 2017 by the Hyman brothers, Mathew and Zachary. The company will be using its current funding for expansion into new markets and for new hires.

“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.”

According to the supplier, SpotOn offers a variety of solutions such as Fully Integrated Point-of-Sale (POS) Solutions, Custom Websites, Appointments, Digital Loyalty & Marketing and Review Management. These tools come with personalized service and setup and are easily accessible to all SpotOn clients.

“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.”

The platform is expected to assist businesses in saving 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.

by Megha Bhattacharya
Market Analyst at IBS Intelligence