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SpotOn Transact raises $40M in funding

SpotOn Transact LLC, a San Francisco-based payments startup, has raised $40 million in funding led by Franklin Templeton along with Dragoneer Investment Group, according to a news release.

The company plans to use the funding to expand into new markets and also plans to hire about 100 staffers in its SpotOn Restaurant division.

"Small and medium sized businesses are starved for solutions to help them grow and function," Matt Hyman, co-founder of SpotOn Transact, said in the release. "SpotOn is redefining how SMBs operate by offering tools previously only accessible to customers with deep pockets or massive teams."

In the past year, SpotOn Transact has made several key moves to expand its product offering, including the acquisition of EmaginePOS.