SpotOn Transact, a payment solution developer, has netted $50m in its Series B round.
The round was backed by 01 Advisors, former Twitter CEO Dick Costolo, former COO Adam Bain, Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.
The capital comes after SpotOn increased its revenue by 150%.
With the fresh funds, the company is looking to boost product development and building solutions for specific verticals. SpotOn recently announced its Restaurant Advisory Board aimed at harnessing the expertise of restauranteurs to help enhance its offering.
Headquartered in San Francisco, the FinTech empowers small and medium-sized businesses by giving them an end-to-end point-of-sale software. SpotOn integrates payment capabilities with POS software tools to create customised, end-to-end solutions which meet any business’ needs.
Its platform helps with marketing, website development, appointment scheduling, digital loyalty, review management, and retail and restaurant payment processing.
SpotOn co-founder Zach Hyman said, “Businesses need help navigating the digital shift in commerce, whether that’s utilizing new payment methods, leveraging actionable data or taking advantage of new mediums to communicate with their customers.
“Business owners are rapidly selecting SpotOn as their go-to technology partner, and we’re excited to continue building SpotOn into a household name within the business community and beyond.”
The FinTech raised $20m in its former round back in 2018, which was led by its own co-founders.
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