The $1.88B company aims to be a one-stop shop, offering services across payments processing, website design, and more, for SMBs. Here are the top-line bullets you need to know.
SpotOn, a digital payment company, has raised $125M in a Series D with participation from Andreessen Horowitz, DST Global, and 01 Advisors, among others.
HOW’S THE COMPANY PERFORMING?
- California-based SpotOn is a cloud-based fintech company that offers a suite of business management tools for restaurants and SMBs.
- It claims to have tripled its revenue since February 2020 and is currently profitable.
- It has 1,250 employees, up from 850 in March 2020.
- SpotOn serves more than 30,000 customers. It reportedly added 8,000 new customers in 2021 and expects this number to triple by the end of the year.
- SpotOn’s valuation has tripled from $625M in September 2020.
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 22.2% to reach a value of $305B by 2025, according to Market Data Forecast.
- Global fintech adoption stands at 25% and provides an enormous opportunity for growth to providers and first movers.
- The market has seen a funding boom in recent years with VCs investing $42B into fintech companies in 2020 alone.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.