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September 24, 2020

SpotOn raises fresh funds to invest in digital-first solutions

US-based software and payments company SpotOn Transact has secured $60m in a Series C funding round to offer digital-first solutions to its small business (SMB) clients.

The funding round has been led by internet investment firm DST Global.

Existing investors including Dragoneer Investment Group and Franklin Templeton also joined the round.

The latest round follows a $50m Series B funding round in March, bringing the total amount raised by the company to $110m over the last six months.

The payments startup will use the fresh capital to invest in digital-first solutions, empowering SMBs with the required tools to ensure their business continuity.

SpotOn offers cost-efficient technology solutions to SMBs, specifically designed for each vertical, such as appointments, e-commerce, online ordering, and reservation management.

The company also offers marketing, website development, omnichannel payments, and point-of-sale (POS) solutions.

SpotOn co-founder Matt Hyman said: “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 fundraising, and partnering with a firm like DST Global, allows us to accelerate our pursuit of that goal.”

DST Global managing partner Rahul Mehta said: “We are 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.”

SpotOn employs over 1,000 people and has offices in San Francisco, Chicago, Detroit, Mexico City, Denver, and Krakow.

Last month, SpotOn acquired reservation management firm Seatninja “to help restaurants adapt to new paradigm”.

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