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Payments startup SpotOn raises $125M on a unicorn valuation of $1.875B
Payments startup SpotOn Transact Inc. has raised $125 million in new funding to accelerate product development and expand its market presence.
The Series D round was led by Andreessen Horowitz’s a16z. Additional investors included DST Global, 01 Advisors, Dragoneer Investment Group, Franklin Templeton and Mubadala Investment Co. The round was raised on a $1.875 billion valuation, giving SpotOn unicorn status for the first time.
Founded in 2017, SpotOn offers cloud-based software that provides payment solutions for merchants with additional marketing, loyalty, website design, appointment, payroll and review services. The service, targeted at small to medium-sized businesses, is pitched as providing enterprise-level solutions at affordable prices. A catch-all in terms of product offering, SpotOn at its core is a payment processing startup that offers point-of-sale integration.
SpotOn develops technology that integrates the core needs of these businesses into a seamless, reliable system that becomes the backbone of their operation. The company’s platform provides the ease of one integrated platform while claiming to save thousands of dollars in payments and software fees to multiple vendors.
The software is particularly focused on restaurants, service and retail businesses, with the company claiming more than 30,000 customers. SpotOn also supports website and e-commerce transactions, a booming industry in the age of COVID-19-related lockdowns and trading restrictions. The company has added 8,000 new customers in 2021, a figure it expects to triple by the end of the year.
“Restaurants and small businesses are turning to SpotOn for its no-contract policy, personal service, fair pricing and integrated, cloud-based platform,” the company said in a statement. “Investments in innovation ensure that SpotOn’s clients have a future-proof solution with a steady stream of upgrades and improvements so they will have ready access to the best technology for the long term.”
Including the new funding, SpotOn has raised $315 million, according to data from Crunchbase.
Image: SpotOn
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