SpotOn Extends Partnership with TSYS to Expand Payments Capabilities to SMBs

SpotOn Transact, LLC (“SpotOn”), a payments and software company, announced they recently extended their partnership with TSYS in a multi-year, exclusive agreement, which will enable SpotOn to expand payments capabilities to merchants and go deeper in the small- and medium-sized business (SMB) space. The agreement enables SpotOn to have more direct relationships with clients, which will result in improved onboarding and support for those merchants and an infinitely better customer experience.

This announcement comes on the heels of a $40 million investment led by Franklin Templeton and Dragoneer Investment Group and is another proof point of the company’s rapid growth.

SpotOn was founded in 2017 by Matt and Zach Hyman, along with Doron Friedman. They built the company on the premise that SMBs are the hallmark of the American economy, comprising 99.7% of businesses in the U.S., and yet they have been left underserved by FinTech companies. SpotOn integrates payments capabilities with its software solutions to give businesses an unparalleled set of tools.

Prior to founding SpotOn, Matt and Zach founded and led San Rafael-based Central Payment. They went on to form a joint venture with TSYS in 2012 and ultimately sold the company to TSYS in 2018.

The expanded partnership with TSYS is next in the line of a number of recent accomplishments for SpotOn. In addition to the aforementioned fundraise, the company has doubled both its sales and support staff over the last 12 months, acquired EmaginePOS to create a best-in-class restaurant POS offering, purchased Lifeyo to offer customized websites, rolled out a number of new product releases and made key hires for its management team.