SpotOn secures $60m Series C funding round from DST Global
Software and payments firm SpotOn has announced $60 million in a Series C funding round led by DST Global.
This latest injection means the firm has raised $190 million since its founding in 2017. It has raised $110 million of that in 2020 alone.
SpotOn provides payments tools to merchants and small and medium-sized enterprises (SMEs). It also offers marketing, review systems, analytics, and custom-made loyalty schemes.
“SpotOn is committed to SMEs by providing them with the tools they need to thrive in any climate,” says Matt Hyman, co-founder.
“We will continue to create innovative products and further our go-to-market approach to ensure merchants nationwide have access to the tools they need to run their businesses.”
SpotOn has offices in San Francisco, Chicago, Detroit, Mexico City, and Krakow. It employs more than 1,000 people.
The firm says that the COVID-19 pandemic has accelerated the needs of business owners. “[Businesses] have had to adjust quickly under these new circumstances,” it writes.
The firm’s technology is powered by the TSYS payment platform. The two firms signed a multi-year exclusive deal in July 2019.
Matt Hyman, along with co-founder and brother Zach Hyman, have worked with TSYS in previous ventures.
“We’ve done business with TSYS for more than 10 years,” Zach Hyman said at the time of the deal. “We’re thrilled to continue and strengthen that relationship.”