Payments Startup SpotOn Raises $50M Series B

SpotOn has 850 employees in offices across the world. Its Chicago office is home to its product and technology teams.

Written by Gordon Gottsegen
Published on Mar. 11, 2020
Payments Startup SpotOn Raises $50M Series B
SpotOn
Photo: SpotOn

SpotOn is gearing up to grow in Chicago.

Last June, the San Francisco-based fintech company announced it was expanding in Chicago after raising a $40 million funding round. Now, the company is ready to keep the momentum going thanks to a recently raised $50 million Series B.

SpotOn creates the hardware and software for payment processing and point-of-sale transactions. If you’ve purchased something from a local business and paid using a tablet or handheld mobile device, you may have used SpotOn’s technology without realizing it.

The company aims to give small- to medium-sized businesses enterprise-level payment solutions. It also helps with various other aspects of running a business, like marketing, website development, appointment scheduling, digital loyalty and review management.

SpotOn’s business has been quite successful as of late, with an annual increase in revenue of over 150 percent and over 5,000 new clients added in 2020. The company has also significantly grown its presence in Chicago.

“Our Chicago office is in the process of expanding from one floor to two,” SpotOn co-founder Doron Friedman told Built In. “We have added over 50 employees to the product team and our main hires as of late have been focused on senior engineers, product managers, product marketing and QA.”

The new funding will help SpotOn hire aggressively. The company is also using it to invest in product development and creating solutions for specific verticals, like the food and beverage industry.

SpotOn has 850 employees in offices across the world, from San Francisco to Chicago, Detroit, Mexico and Poland. SpotOn’s Chicago office is home to its product and technology teams.

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