SpotOn Transact, a software and payments company has secured $60m in its Series C round, just six months after it closed its Series B.
The investment was led by DST Global and participation also came from Dragoneer Investment Group and Franklin Templeton.
This funding round comes hot off the heels of the company’s Series B round, which it closed on $50m in March 2020. Backers included, 01 Advisors, former Twitter CEO Dick Costolo, former COO Adam Bain, Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.
SpotOn claims it has raised the Series C so rapidly due to the company’s development accelerating. Funds from the round will be used to support the development of new products and further its go-to-market efforts across the nation.
Small and medium-sized businesses can use SpotOn to accept payments through point-of-sale terminals. The San Francisco-based startup offers products specifically designed for each vertical, including appointments, e-commerce, online ordering and reservation management. Clients can use the omnichannel payment systems for online or brick and mortar stores.
DST Global managing partner Rahul Mehta said, “We’re excited to partner with the SpotOn founders and management team in their vision of empowering small businesses by offering a suite of integrated payments and software products at low transparent prices.
“We’re very impressed with their quality of execution, product cadence and customer centric approach in these unprecedented times.”
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