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Payments company SpotOn raises $60 mn in Series C funding

By Pavithra R

September 23, 2020

  • Spoton
  • USA
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SpotOn raises $60 million
Matt Hyman, co-founder of SpotOn

SpotOn Transact, redefining the merchant services industry through cutting edge payments and software has announced that the company has raised $60 million in Series C funding.

The investment round was led by DST Global, with participation from existing investors including Dragoneer Investment Group and Franklin Templeton. The SpotOn ecosystem, focused on the retail, services and restaurant industries offers technology to small- and medium-sized businesses (SMBs) at a price they can afford. Although the company has products specifically designed for each vertical, such as appointments, e-Commerce, online ordering and reservation management, its uniqueness lies in marketing, website development, omnichannel payments and point-of-sale (POS) solutions offering high-powered capabilities that every business needs.

“SpotOn is committed to SMBs by providing them with the tools they need to thrive in any climate. We will continue to create innovative products and further our go-to-market approach to ensure merchants nationwide have access to the tools they need to run their businesses. This fundraise, and partnering with a firm like DST Global, allows us to accelerate our pursuit of that goal,” said Matt Hyman, co-founder of SpotOn.

The COVID-19 pandemic has accelerated business owners’ need to adopt digital solutions. SpotOn aims to help SMBs thrive by providing easy-to-use tools and personalized tech support so they can grow their businesses.

“We’re excited to partner with the SpotOn founders and management team in their vision of empowering small businesses by offering a suite of integrated payments and software products at low transparent prices. We’re very impressed with their quality of execution, product cadence and customer-centric approach in these unprecedented times,” said Rahul Mehta, managing partner at DST Global.

Founded in 2017, California based SpotOn provides smart payment processing solution for small businesses. It empowers merchants by combining payment processing with easy-to-use customer engagement tools, all in one platform. The software and payments platform, coupled with a hands-on service model, offers end-to-end solutions which include website development, appointment scheduling, marketing, digital loyalty, review management, and both retail and restaurant point-of-sale (POS) solutions. 

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