News

Payments startup raises $40M to enhance restaurant division

June 11, 2019

SpotOn Transact LLC, a San Francisco-based payments startup, has raised $40 million in funding to enhance its restaurant division, according to a news release.

"Small and medium sized businesses are starved for solutions to help them grow and function," Matt Hyman, co-founder of SpotOn Transact, said in the release. "SpotOn is redefining how SMBs operate by offering tools previously only accessible to customers with deep pockets or massive teams."

In the past year, SpotOn Transact has made several key moves to expand its product offering, including the acquisition of Detroit-based point-of-sale platform EmaginePOS.

Franklin Templeton and Dragoneer Investment Group lead the investment round.