SAN FRANCISCO--SpotOn Transact, LLC (“SpotOn”), an innovative payments and software company, today announced they recently extended their partnership with TSYS (NYSE: TSS) 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 best-in-class payments capabilities with its software solutions to give businesses an unparalleled set of tools.
“Having each spent 20 years in the space, Matt and I firmly believe that TSYS is the perfect partner to help scale our business,” said Co-Founder Zach Hyman. “We’ve done business with TSYS for more than 10 years and are thrilled to continue and strengthen that relationship.”
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.
“TSYS shares in the vision that Merchant Services has to continue to expand beyond just payment processing,” said President and EVP of TSYS Merchant Solutions, Mike Peters. “Matt and Zach have a proven track-record of being able to successfully scale businesses, and we are extremely excited to continue our partnership with SpotOn and support their continued growth.”
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.
SpotOn is headquartered in San Francisco with expanding product and technology teams in Chicago and operations in Detroit. The company currently has more than 550 employees, including 350 field sales representatives, across the organization.
About SpotOn Transact, LLC
SpotOn Transact, LLC (“SpotOn”) is a cutting-edge payments and software company redefining the merchant services industry. SpotOn brings together payment processing with solutions that empower clients to enhance how they run their business. The SpotOn platform offers the most comprehensive tools for small- and medium-sized businesses, including payments, point-of-sale, custom websites, appointments, marketing, reviews, analytics and loyalty, backed by industry-leading customer care.
TSYS® (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum — for issuers, merchants and consumers. We succeed because we put people and their needs at the heart of every decision to help them unlock payment opportunities. It’s an approach we call People-Centered Payments®.
Our headquarters are located in Columbus, Ga., U.S.A., with approximately 13,000 team members and local offices across 13 countries. TSYS generated revenue of $4.0 billion in 2018, while processing more than 32.3 billion transactions. We are a member of The Civic 50 and were named one of the 2018 World's Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website. For more, visit tsys.com.