SpotOn provides payments and software technology to SMBs, with an emphasis on restaurants, retail and hospitality, operating a SaaS business model. Since its 2017 inception it has targeted businesses from local family restaurants to Major League Baseball stadiums and aims to serve businesses of all sizes. SpotOn has expanded via acquisitions — buying Appetize to extend into the enterprise space and, more recently, Dolce to strengthen restaurant payroll, scheduling, tip-pooling and compliance features. It also launched SpotOn Retail, an omnichannel retail platform that lets independent retailers sell in store, online or on the go through a single dashboard. The company has been active on hiring, naming Lisa Banks as chief financial officer, a move the article notes typically indicates the public markets are in the company’s sights. Financially, SpotOn reported 100% year-over-year ARR growth last year and recently raised $300 million at a $3.6 billion valuation. SpotOn builds payments and business software for small and medium‑sized businesses, focusing on restaurants and retail while offering tools like POS, online ordering, loyalty, scheduling, marketing and analytics. Since its 2017 inception the company has positioned itself as a one‑stop shop to help businesses run everything from brand building to payment processing. SpotOn says it has seen 100% year‑over‑year growth and a tripling in revenue over the past 18 months, and reports tens of thousands of clients with growth of thousands more each month. The company will expand into the enterprise market through its acquisition of Appetize, which serves stadiums, theme parks and other large venues. The combined company will have about 1,600 employees and a product and technology team of over 500. SpotOn says it will continue to invest heavily in product and technology to scale its offerings and support both SMB and enterprise customers. SpotOn offers an integrated platform that combines payments and point-of-sale software with tools such as custom website development, scheduling, marketing, appointment scheduling, review management, analytics and digital loyalty. The company positions itself as a one-stop shop to help SMBs run their businesses and to consolidate services that would otherwise come from multiple vendors. During the COVID-19 pandemic SpotOn accelerated product development, rolling out roughly 400 product innovations, acquiring SeatNinja, and offering fee waivers and commission-free online ordering to support customers. The startup reports more than 30,000 businesses on its platform (nearly 8,000 added this year) and a revenue run-rate that has tripled since February 2020; customers are about 60% retail and 40% restaurants. Headcount has grown to roughly 1,250 employees (from 850 in March 2020). SpotOn is not currently profitable by choice and plans to use new capital to accelerate product development and expand market presence, with a particular push on its integrated restaurant management system. SpotOn offers an integrated software and payments platform targeted at retail, services, and restaurant SMBs, with products including POS, omnichannel payments, marketing, website development, appointments, eCommerce, online ordering and reservation management. The company couples its platform with a hands-on service model and personalized tech support to help merchants scale. SpotOn emphasizes delivering high-powered capabilities at transparent, affordable prices and has tailored products for specific verticals while sharing core capabilities across customers. The COVID-19 pandemic accelerated SMB adoption of SpotOn’s digital solutions, particularly for restaurants and retailers shifting to online and contactless models. The company employs more than 1,000 people and maintains offices in San Francisco, Chicago, Detroit, Mexico City, Denver and Krakow. SpotOn says it will continue creating innovative products and refining its go-to-market approach to ensure merchants nationwide have access to its tools. SpotOn provides point-of-sale payment solutions along with related tools such as marketing, appointment booking and loyalty services for small and medium businesses. It offers modular packages (an example package is $25/month for the first year) and targets verticals such as restaurants and salons. The company has expanded its product set via partnerships (notably with Poynt) and acquisitions including website builder Lifeyo and EmaginePos. SpotOn reported revenue growth of 150% in the last 12 months and added 5,000 customers in the first couple of months of 2020. The startup plans to use new funding to continue expanding both in the U.S. and internationally. Founders Zachary and Matt Hyman and Doron Friedman bring prior payments experience: the Hyman brothers sold Central Payment to TSYS at a valuation of $850 million and earlier sold CardPayment to iPayment, and Friedman has a background in business services.

Total raised

$900M

Funding rounds

8

Latest round

Series F

Latest activity

May 2022