Here's the pitch deck used by payments company SpotOn Transact to raise $50 million from former Twitter executives
- San Francisco-based SpotOn Transact just raised $50 million from former Twitter executives Dick Costolo, former COO Adam Bain, and former corporate development and investor relations executive David Rivinus.
- The funding was led by the social media giant's former executives' investment and advisory firm 01 Advisors and will go towards helping SpotOn target "exponential growth."
- The startup, which has more than 800 staff, provides payments and software services to small- and medium-sized businesses.
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San Francisco-based SpotOn Transact has raised $50 million from former Twitter executives including former CEO Dick Costolo, former COO Adam Bain, and David Rivinus through their investment and advisory firm 01 Advisors.
The company's funding round also included former investors such as Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group. SpotOn, which provides payments and software services for small-to-medium businesses in the US, claims to have grown revenues by 150% in 2019 and has had a strong start to 2020.
"We had an incredible 2019 and a great start to 2020, linear growth is interesting but we are going for exponential growth," SpotOn president RJ Horsley told Business Insider in an interview. "We couldn't be more excited by the team we have on board as investors, these guys were fundamental at Twitter during its scale period, and our prior investors are very sharp too."
Founded by twin brothers Zach and Matt Hyman, serial entrepreneurs with 20 years of experience in the payments space from previous companies, and Doron Friedman in 2010, SpotOn has around 850 employees. The company plans to use its funding to continue to supporting medium-sized businesses, which it claims are poorly served by payments companies.
"We want to put ourselves in the shoes of our customers, these are real businesses that might have been around for a generation and don't have a 20 person team to do marketing, sales, review management, and emails," Horsley added. "Payments is a commodity and people need innovative tools to help them run their business."
Much of SpotOn's focus has been on the food and drink industry but the firm hopes the new funding can be used to expand into new verticals.
SpotOn is headquartered in San Francisco with product, technology and operations teams in Chicago, Detroit and Denver, as well as newly opened offices in Mexico and Poland.
Check out SpotOn's (redacted) pitch deck below: