Press release

SpotOn Raises $40 Million Funding Round Led by Franklin Templeton and Dragoneer Investment Group

Sponsored by Businesswire

SpotOn Transact, LLC (“SpotOn”), an innovative payments and
software company, today announced $40 million in new funding led by Franklin
, with significant participation from Dragoneer
Investment Group

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SpotOn co-founders Matthew and Zachary Hyman (Photo: Business Wire)

SpotOn co-founders Matthew and Zachary Hyman (Photo: Business Wire)

SpotOn’s revenue has grown more than 400% over the last 12 months, and
the company has added over 3,500 clients in the last 90 days. This round
of funding will be used to accelerate its momentum and fuel its
expansion into new markets. As part of these efforts, the company plans
to continue growing its field sales team, and expects to add an
additional 100 employees in its high-growth SpotOn Restaurant division.

was founded in 2017 by Matt and Zach Hyman, twin brothers who each have
more than 20 years of payment processing experience and most recently
sold Central Payment to Total System Services (“TSS”) with a final
valuation of $840 million, along with seasoned Chicago FinTech
entrepreneur Doron Friedman. They built the company on the premise that
small- and medium-sized businesses (SMBs) are the hallmark of the
American economy, comprising 99.7%
of businesses in the U.S., and yet they have been left underserved by
FinTech companies. Going beyond traditional payment processing, SpotOn
integrates payments capabilities with its software solutions to give
businesses an unparalleled set of growth-driving tools.

“Small- and medium-sized businesses are starved for solutions to help
them grow and function,” said Co-Founder Matt Hyman. “SpotOn is
redefining how SMBs operate by offering tools previously only accessible
to customers with deep pockets or massive teams. But for SpotOn, it’s
more than just tools and technology—it’s about our team’s unique
personal approach to help our clients navigate through these new

SpotOn’s investment into product development has produced numerous
valuable solutions for businesses to choose from, including:

  • Fully-Integrated Point-of-Sale (POS) Solutions
  • Custom Websites
  • Appointments
  • Digital Loyalty & Marketing
  • Review Management

These tools come with personalized service and setup and are easily
accessible to all SpotOn clients. The platform saves businesses time by
enabling them to be more efficient, allowing them to transact with their
customers however they want, and helping them build relationships with
customers in ways they never could before.

“SpotOn’s rapid growth and ability to bring real value to the SMB market
has been incredibly impressive,” said Chris Anderson, Vice President and
Portfolio Manager at Franklin Templeton. “Whether you’re a restaurant
looking for a cloud-based point-of-sale solution, a salon looking to
book appointments through a custom-built website, or an auto repair shop
looking for ways to build relationships with customers, SpotOn has
developed a variety of powerful solutions for all types of merchants.”

The last 12 months have been transformational for SpotOn. Highlights
have included the acquisition of EmaginePOS to create a best-in-class
restaurant POS offering, the acquisition of Lifeyo to offer customized
websites, and the doubling of the SpotOn sales and service teams—all
while maintaining the personal level of support clients deserve.

SpotOn is headquartered in San Francisco with expanding product and
technology teams in Chicago and operations in Detroit. The company
currently has more than 550 employees, including 350 field sales
representatives, across the organization.

About SpotOn Transact, LLC

SpotOn Transact, LLC (“SpotOn”) is a cutting-edge payments and software
company redefining the merchant services industry. SpotOn brings
together payment processing with solutions that empower clients to
enhance how they run their business. The SpotOn platform offers the most
comprehensive tools for small- and medium-sized businesses, including
payments, point-of-sale, custom websites, appointments, marketing,
reviews, analytics and loyalty, backed by industry-leading customer
care. For more information, visit

About Franklin Templeton

Franklin Resources, Inc. [NYSE:BEN] is a global investment management
organization operating as Franklin Templeton. Franklin Templeton’s goal
is to deliver better outcomes by providing global and domestic
investment management to retail, institutional and sovereign wealth
clients in over 170 countries. Through specialized teams, the Company
has expertise across all asset classes, including equity, fixed income,
alternatives and custom multi-asset solutions. The Company’s more than
600 investment professionals are supported by its integrated, worldwide
team of risk management professionals and global trading desk network.
With employees in over 30 countries, the California-based company has
more than 70 years of investment experience and over $720 billion in
assets under management as of April 30, 2019. For more information,
please visit

About Dragoneer Investment Group

Dragoneer is a San Francisco-based, growth-oriented investment firm with
over $7 billion in long-duration capital from many of the world’s
leading endowments, foundations, sovereign wealth funds, and family
offices. Dragoneer has a history of partnering with management teams
growing exceptional companies characterized by sustainable
differentiation and superior economic models. The firm’s track record
includes public and private investments across industries and
geographies, with a particular focus on technology-enabled businesses.
Dragoneer has been an investor in companies such as Airbnb, Alibaba,
AmWINS, Appfolio, Dollar Shave Club, Etsy, Mercado Libre, Nubank,
PointClickCare, ServiceNow, Slack, Spotify, Square, Twilio, Uber, and