SpotOn Raises $40 Million Funding Round Led by Franklin Templeton and Dragoneer Investment Group

Jun 13, 2019


SpotOn Transact, LLC, a payments and software company, announced $40 million in new funding led by Franklin Templeton, with significant participation from Dragoneer Investment Group. SpotOn’s revenue has grown more than 400% over the last 12 months, and the company has added over 3,500 clients in the last 90 days. This round of funding will be used to accelerate its momentum and fuel its expansion into new markets. As part of these efforts, the company plans to continue growing its field sales team, and expects to add an additional 100 employees in its high-growth SpotOn Restaurant division.

SpotOn was founded in 2017 by Matt and Zach Hyman, twin brothers who each have more than 20 years of payment processing experience and most recently sold Central Payment to Total System Services (“TSS”) with a final valuation of $840 million, along with seasoned Chicago FinTech entrepreneur Doron Friedman. They built the company on the premise that small- and medium-sized businesses (SMBs) are the hallmark of the American economy, comprising 99.7% of businesses in the U.S., and yet they have been left underserved by FinTech companies. Going beyond traditional payment processing, SpotOn integrates payments capabilities with its software solutions to give businesses an unparalleled set of growth-driving tools.

SpotOn’s investment in product development has produced numerous valuable solutions for businesses to choose from, including:

  • Fully-Integrated Point-of-Sale (POS) Solutions
  • Custom Websites
  • Appointments
  • Digital Loyalty & Marketing
  • Review Management

These tools come with personalized service and setup and are easily accessible to all SpotOn clients. The platform saves businesses 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.

The last 12 months have been transformational for SpotOn. Highlights have included the acquisition of EmaginePOS to create a best-in-class restaurant POS offering, the acquisition of Lifeyo to offer customized websites, and the doubling of the SpotOn sales and service teams—all while maintaining the personal level of support clients deserve.

SpotOn is headquartered in San Francisco with expanding product and technology teams in Chicago and operations in Detroit. The company currently has more than 550 employees, including 350 field sales representatives, across the organization.

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