SpotOn Transact, Inc., a San Francisco, CA-based innovative payments and software company, raised $50m in Series B funding.
Backers included 01 Advisors, an investment and advisory firm founded by Twitter’s former CEO Dick Costolo, former COO Adam Bain and former Corporate Development and Investor Relations executive David Rivinus, as well as returning investors Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.
The company intends to use the funds to invest into product development building solutions for specific verticals.
Co-founded by Zach Hyman, Matt Hyman and Doron Friedman, SpotOn Transact provides a software and payments platform for all kinds of businesses to run their businesses—from building a brand to taking payments and everything in-between. SpotOn integrates payments capabilities with POS and software tools to create customized, end-to-end solutions to fit any type of business. These include marketing, website development, appointment scheduling, digital loyalty, review management, and both retail and restaurant POS solutions. The company, which has over 5,000 clients, has expanding product, technology and operations teams in Chicago, Detroit and Denver, as well as newly opened offices in Mexico City, Mexico and Krakow, Poland. It now employs over 850 people.