SpotOn raises $300M to develop its payments platform
Payments startup SpotOn Transact Inc. announced today that it has raised a $300 million late-stage funding round to develop its product offering further.
The Series F round was led by Dragoneer Investment Group and included Andreessen Horowitz, DST Global, Franklin Templeton, Mubadala Investment Co. and G Squared. Including the new funding, the company has raised $928 million to date, according to data from Crunchbase.
Founded in 2017, SpotOn offers a cloud-based software platform that provides payment solutions for merchants. The platform’s services include support for marketing, loyalty, website design, appointment, payroll and review services. SpotOn targets its offering at small to medium-sized businesses by providing enterprise-level solutions at affordable prices.
SpotOn’s platform is pitched as offering technology that integrates the core needs of businesses into a reliable system that becomes the backbone of their operation. Its platform provides the ease of one-stop for all without the need to pay thousands of dollars in payments and software fees to multiple vendors.
The company’s software focuses on restaurants, service businesses and small retail shops, with SpotOn claiming to have more than 40,000 customers. The company also supports website and e-commerce transactions.
Alongside the funding news, SpotOn also announced that it had acquired Dolce Software Inc., a labor-management solution that streamlines payroll, scheduling, tip-pooling and compliance. The company also announced SpotOn Retail, an omnichannel retail platform that allows independent retailers to compete with big-box stores and e-commerce giants by selling in-store, online or on the go through one dashboard.
Small businesses struggle more than ever after two years into the COVID-19 pandemic. SpotOn is trying to give them a helping hand.
“Mom-and-pop restaurants and retail businesses are facing rapidly changing consumer expectations within today’s tech-driven landscape,” Marc Stad, founder and managing partner at Dragoneer, said in a statement. “SpotOn has made it their mission to provide customized solutions to drive the growth and adaptation needed as businesses of all sizes evolve and grow.”
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