SpotOn Transact, LLC, a San Francisco, CA-based payments and software company, raised $40m in funding.
The round was led by Franklin Templeton, with participation from Dragoneer Investment Group.
The company intends to use the funds to accelerate expansion into new markets, to continue growing its field sales team, expecting to add an additional 100 employees in its high-growth SpotOn Restaurant division.
Founded in 2017 by Matt and Zach Hyman, SpotOn Transact is a payments and software company bringing together payment processing with solutions that empower clients to enhance how they run their business.
The platform offers comprehensive tools for small- and medium-sized businesses, including payments, point-of-sale, custom websites, appointments, marketing, reviews, analytics and loyalty, backed by industry-leading customer care.
SpotOn, which recently acquired EmaginePOS and Lifeyo, is headquartered in San Francisco with expanding product and technology teams in Chicago and operations in Detroit. It currently has more than 550 employees, including 350 field sales representatives, across the organization.