SpotOn Transact Inc. has raised $50 million in Series B funding from a group led by O1 Advisors, a firm co-founded by former Twitter CEO Dick Costolo and other executives at the social media firm.

The investment firm was co-founded by former Twitter COO Adam Bain and David Rivinus, a former investor relations and corporate development executive. Existing investors includes Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.

"There are companies that build great products, there are companies that build great sales teams, but its rare to find an organization that can do both," Costolo, managing partner of 01 Advisors said in a release from SpotOn. "SpotOn has proven an unwavering commitment to building products that matter and getting them into the hands of businesses nationwide."

Funding will be used to continue the company's payments and POS development, which has mainly focused on the restaurant industry.

"Businesses need help navigating the digital shift in commerce, whether that's utilizing new payment methods, leveraging actionable data or taking advantage of new mediums to communicate with their customers," Zach Hyman, co-founder of SpotOn. "Business owners are rapidly selecting SpotOn as their go-to technology partner, and we're excited to continue building SpotOn into a household name within the business community and beyond."