SpotOn, a payments and software provider based in San Francisco, announced Wednesday, it has raised $50 million in its Series B funding round. The financing, joined by new and existing investors, included 01 Advisors, Dragoneer Investment Group, Franklin Templeton, and EPIQ Capital Group.
In a press release, the San Francisco-based startup said it will be using the fresh funds to continue its investment in product development building solutions for specific verticals.
“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 SpotOn Co-Founder Zach Hyman. “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.”
Launched in 2017, SpotOn runs as payments and software company for the merchant services industry. The company brings together payment capabilities with POS and software tools that enable small- and medium-sized businesses (SMBs) to market more effectively. Among its products and services include marketing, website development, appointment scheduling, digital loyalty, review management, and retail and restaurant POS solutions.
Headquartered in San Francisco, the fintech firm has already extended into different cities, including Chicago, Detroit, Denver, Mexico City, and more. The latest funding comes after a year in which SpotOn increased its revenue by over 150%. As of 2020, the company has already added over 5,000 clients.
“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,” commented 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.”