SpotOn, a San Francisco, California-based payments and software company, as per recent reports this week, has just closed a fundraising round, raising $40 million in investment funding. SpotOn’s recent funding round was led by Franklin Templeton, a San Mateo, California-based investment fund, with significant participation from Dragoneer Investment Group.
The recent funding will ensure accelerated growth and new market expansions for SpotOn, thus enabling it to continue its recent momentum. The company, growing more than 400% in the past 12 months, has attracted much attention. With over 3,500 new clientele since Mar. 2019, the San Francisco-based fintech aims to cater to the underserved American SME community, by expanding on its current payments offering.
“Small and medium-sized businesses are starved for solutions to help them grow and function,” states 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 company specializes in fully integrated point-of-sale (POS) solutions, custom websites, appointments, digital loyalty and marketing, and review management solutions. As an add-on help with these offerings, SpotOn acquired Lifeyo to provide the customized websites and EmaginePOS to develop a best-in-class restaurant POS solution.
Furthermore, with this recent funding, SpotOn plans on hiring new professionals, thus expanding its 550-strong workforce with additional sales staff and 100 new employees for the company’s SpotOn Restaurant division.