SpotOn Transact collects $20m in round led by its co-founders

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Payment processor SpotOn Transact has collected $20m in a funding round led by its co-founders Matt and Zach Hyman.

San Francisco-headquartered SpotOn helps small businesses to process payments and access tools for customer engagement. The company offers a range of different payment terminals to fit a company’s need including handheld systems, mobile devices, tablet services and touchscreen-enabled desktops.

Each POS has different benefits with the bigger machines capable of handling payroll, splitting tickets, issuing gift cards, managing employee shifts.

SpotOn also offers businesses with services to improve customer engagement including implementing a loyalty reward scheme for shoppers, customer reviews, dashboard analytics for sales, and marketing tools.

To support its growth the company has made a range of additions to its board of advisors including National Funding CMO Kevin Bryla, and Dinerware founder and CTO Carl English. SpotOn is expecting to announce significant partnerships, product releases and milestones over coming months.

SpotOn co-founder Zach Hyman said, “We bring a deep understanding of the concerns and challenges SMB’s face to manage their businesses and build relationships with their customers.

“A Small Business Owner has two primary finite resources: time and money. The SpotOn platform provides them a simple way to communicate with their customers and grow their business, all at their fingertips and for an extremely low cost.”

Last month, payments giant Revolut became the latest FinTech company to reach unicorn status, following a $250m funding round led by DST Global. The company raised the capital to hire more engineers and designers, as well as expanding into North America and Asia.

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