Payments Platform SpotOn Raises $60 Million led by DST Global

Payments platform SpotOn has raised $60 million in a Series C funding round. SpotOn is a Fintech that is focused on the retail, services, and restaurant industries. The company has products specifically designed for each vertical, such as appointments, eCommerce, online ordering, and reservation management.

The round was led by DST Global with participation from existing investors including Dragoneer Investment Group and Franklin Templeton. SpotOn’s last round was just last March when the company raised $50 million highlighting the rapid growth of the company.

In a release, Matt Hyman, co-founder of SpotOn, said his company is committed to provide SMEs the tools they need to thrive in any climate.

“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. This fundraise, and partnering with a firm like DST Global, allows us to accelerate our pursuit of that goal.”

Rahul Mehta, managing partner at DST Global said they are very impressed with the quality of execution of SpotOn:

“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.”

As has been widely reported, the COVID-19 pandemic has accelerated business owners’ digital transformation – something that is in some ways more important for SMEs. Restaurants have been moving fast to pivot and reach and serve customers in new ways. Retailers have been compelled to blur the lines between brick and mortar and e-commerce.

 

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