Superstar digital payment firm SpotOn has reached a new milestone as of September 13th, earning a valuation of $3.15 billion. This benchmark was achieved after a successful $300 million round of Series E funding led by tech investment firm Andreesen Horowitz and featuring investors Franklin Templeton and Wellington Management. Coming less than half a year after Series D funding led to a valuation of $1.88 billion, this latest investment represents a remarkable upward trajectory for the software company.
The funds acquired in this round of investment are to be used to acquire enterprise commerce platform Appetize, according to SpotOn Co-CEO Matt Hyman. A powerhouse that fuels online sales and management alike, Appetize has a broad customer base that includes clients in sectors such as entertainment, travel, education, and food service.
Hyman hails the acquisition as complementary to existing SpotOn offerings; Appetize is to be renamed SpotOn Enterprise, in line with its role in the SpotOn organization. In a look to the future, Hyman describes a world coming soon in which SpotOn has become “a part of everyday life for consumers across the country whenever they shop, dine, or visit a stadium or a college campus.”