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Former Twitter chief Costolo backs payments outfit SpotOn

Former Twitter chief Costolo backs payments outfit SpotOn

SpotOn Transact, a payments and software company targeting SMEs, has raised $50 million in a Series B funding round joined by former Twitter CEO Dick Costolo's 01 Advisors.

01 Advisors, which was set up by Costolo with other former Twitter execs, was joined in the round by Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.

San Francisco-based SpotOn has built an ecosystem that promises to go beyond payment processing and POS software, encompassing marketing, website development, appointment scheduling, digital loyalty, review management, and both retail and restaurant POS systems.

The new funding will be used for product development focused on specific verticals and boosting a team that already numbers over 850 people.

Says Costolo: “There are companies that build great products, and there are companies that build great sales teams, but it’s rare to find an organization that can do both. SpotOn has proven an unwavering commitment to building products that matter and getting them into the hands of businesses nationwide.”

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