The funding brings SpotOn to a $3.15B valuation. Here are the top-line bullets you need to know.
SpotOn, a provider of software and payments technology, raised $300M in a Series E. The round drew participation from Andreessen Horowitz, DST Global, Coatue Management, and Mubadala Investment Company, among others.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based SpotOn provides customizable software, PoS, and payments solutions to retail, restaurant, automotive, and health and beauty organizations. The company primarily targeted SMBs, but, with the acquisition of Appetize, it will target enterprises as well.
- SpotOn operates in 6 locations around the world. Besides the US, it has operations in Mexico and Poland.
- The company is adding over 2,000 businesses to its platform every month. The startup’s business has grown 100% over the past year, and its revenue has reportedly tripled over the past 18 months.
- The company currently has over 1,600 employees.
Source: SpotOn
WHY DOES THE MARKET MATTER?
- The global market for fintech is projected to grow at a CAGR of 23.4% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The market has seen a boom in funding in recent years. In Q2’21, VCs invested $30.8B in fintech companies — across 657 deals.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.
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