Small and medium enterprises (SMEs) make up the overwhelming majority of companies worldwide, and a startup building merchant services to assist them in operation is declaring a growth round to address that opportunity.
SpotOn — which offers a point of sale payment solutions, alongside plenty of related tools such as marketing, appointment booking and loyalty services — has bagged $50 million in funding, a Series B that it aims to use to keep expanding its enterprise after a strong year. In the past 12 months, the startup says it has grown revenues by 150% and in this first couple of months of 2020 has added 5,000 customers to its books.
The goal is to grow the company both in the US as well as worldwide.
The investment is coming from a high-profile group of traders, among them 01 Advisors Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.
Dragoneer and Franklin led the corporate’s previous round, a $40 million seed funding raised less than a year ago.
This newest investment from former Twitter executives is an interesting one, given that the current chief of Twitter is also the CEO of Square, which is one of SpotOn’s largest competitors.