SpotOn
SpotOn helps restaurants unify front-of-house, back-of-house, and payments into one platform.
SpotOn is an integrated restaurant management platform that unifies point-of-sale, online ordering, labor management, kitchen operations, and payment processing into a single system. The company serves restaurants of all sizes—from local establishments to MLB stadiums—with flexible software tiers and optional payment processing. SpotOn differentiates by allowing merchants to choose their payment processor or use existing systems, avoiding vendor lock-in common with competitors like Square and Toast. Founded by payment industry veterans Matt and Zach Hyman alongside Doron Friedman, SpotOn has raised $923M and serves thousands of restaurants seeking integrated operations without forced processor dependencies.
Problem solved
Restaurants operate fragmented systems for ordering, payments, inventory, labor, and reporting, forcing them into long-term contracts with single vendors and losing control over payment processing costs and terms.
Target customer
Independent and regional restaurant groups, fine dining establishments, and multi-unit operators seeking integrated POS and management systems without forced payment processor lock-in.
Founders
M
Matt Hyman
Co-Founder & Co-CEO
Twin brother with 20+ years in payment processing; previously co-founded Central Payment, sold to Total System Services for $840M.
Z
Zach Hyman
Co-Founder & Co-CEO
Twin brother with 20+ years in payment processing; previously co-founded Central Payment, sold to Total System Services for $840M.
D
Doron Friedman
Co-Founder & Chief Innovation Officer
Worked alongside the Hyman brothers during Central Payment tenure; now leads innovation at SpotOn.
Funding history
Seed
$20M
April 2018
Led by Founders
· Self-funded by Matt and Zach Hyman
Series A
$40M
Mid 2019
Led by Franklin Templeton, Dragoneer Investment Group
Series B
$50M
March 2020
Led by Unknown
Series C
$125M
September 2020
Led by DST Global Partners
Series D
$300M
May 2021
Led by Andreessen Horowitz
· DST Global, Franklin Templeton
Series E
$300M
Unknown
Led by Unknown
· Existing investors
Series F
$300M
May 2022
Led by Dragoneer Investment Group
· Andreessen Horowitz, DST Global, Franklin Templeton, Mubadala Investment Company, G Squared
Total raised:
$923M
Industries
Pricing
Four-tier SaaS structure ranging from $0 to $135+ per month plus per-employee fees for larger restaurants. Core bundle priced at (monthly processing volume × 0.20%, capped at $200) + $50. Hardware stations $500-$850 each. Financing available for hardware and capital loans.
Notable customers
Cuban Pete's (New Jersey), 604 Hospitality Group (Hawai'i & Las Vegas), Gui Steakhouse (New York), Major League Baseball stadiums, fine dining chains, and multi-unit regional restaurant groups
Website
Competitors
Square
Square bundles POS with mandatory payment processing; SpotOn allows processor choice, giving merchants control and potentially lower rates through interchange-plus pricing.
Toast
Toast is restaurant-focused but ties merchants to its processor; SpotOn differentiates by allowing merchants to choose or keep existing payment processors.
Clover (Fiserv)
Similar to Square with processor lock-in; SpotOn's key differentiator is merchant control over payment processing and avoiding long-term processor contracts.
Why this matters: SpotOn has built a $3.15B+ valuation in an 8-year period by solving real pain points in restaurant operations while challenging the SaaS vertical lock-in playbook that Square and Toast pioneered. The founders' $840M exit from Central Payment demonstrates deep payments domain expertise, and $923M in funding backing an alternative to Square's market dominance signals strong venture conviction in processor-agnostic restaurant software.
Best for: Independent and regional restaurants seeking an integrated, all-in-one management platform without being locked into a single payment processor, especially those wanting to control processing costs.
Use cases
Multi-Unit Restaurant Groups Optimizing Operations
A regional restaurant group with 15 locations uses SpotOn's integrated platform to standardize operations across all units while maintaining flexibility on payment processing. The automated cost analysis and reporting features reveal that dessert carts generate 18% higher sales than menu items—a data-driven insight that increases revenue by $25,000+ per location annually without platform switching costs.
Independent Restaurant Reducing Processing Costs
An independent steakhouse switches from an all-in-one provider's 2.9% + $0.30 processing rate to SpotOn's interchange-plus model at 0.20% + $50/month, saving thousands annually while maintaining full POS functionality including online ordering, reservations, and labor management.
High-Volume Venue Managing Complex Operations
A Major League Baseball stadium serving thousands of daily transactions uses SpotOn's kitchen display systems, QR order & pay, and waitlist management to handle peak-volume operations while maintaining control over payment processing through its preferred processor integration.
Alternatives
Square for Restaurants
Simpler, cheaper for very small operations, but forces payment processor lock-in and offers less customization than SpotOn for larger multi-unit operations.
Toast POS
Purpose-built for restaurants with stronger industry integrations, but requires Toast's payment processor and carries higher per-location costs for larger groups.
Lightspeed Restaurant
Offers processor flexibility like SpotOn, but smaller feature set for back-office operations and labor management compared to SpotOn's integrated suite.
FAQ
What does SpotOn do? +
SpotOn is an integrated restaurant management platform connecting front-of-house (ordering, payments, reservations), back-of-house (kitchen display, inventory), and back-office (labor scheduling, payroll, cost analysis, reporting) operations. Unlike competitors, SpotOn allows restaurants to choose their payment processor, avoiding vendor lock-in while providing comprehensive POS, online ordering, loyalty, and labor management tools.
How much does SpotOn cost? +
SpotOn offers four pricing tiers ranging from $0 to $135+ per month, plus per-employee fees for larger restaurants. The core bundle is priced at (monthly processing volume × 0.20%, capped at $200) + $50. POS hardware ranges from $500-$850 per station. Hardware and capital financing are available.
What are alternatives to SpotOn? +
Square for Restaurants (simpler but locks in processor), Toast POS (industry-specific but requires Toast's processor), Clover (allows some processor flexibility), and Lightspeed Restaurant (offers processor choice but smaller feature set).
Who uses SpotOn? +
Independent restaurants, multi-unit regional groups, fine dining establishments, and high-volume venues like MLB stadiums. Recent customers include Cuban Pete's, 604 Hospitality Group, and Gui Steakhouse. Target customers are restaurants seeking integrated operations without processor lock-in.
How does SpotOn compare to Square? +
Square bundles POS with mandatory payment processing at fixed rates; SpotOn allows restaurants to choose their processor or keep existing ones, potentially saving thousands annually through interchange-plus pricing. SpotOn includes more robust back-office features (labor management, advanced cost analysis) than Square for multi-unit operators, though Square may be simpler for single-location startups.
Can I use SpotOn with my existing payment processor? +
Yes, SpotOn differentiates by allowing merchants to choose their own processor or continue using an existing one. This flexibility is a core competitive advantage—90% of SpotOn merchants choose SpotOn as their processor, but the company doesn't force the relationship, letting restaurants control their payment terms and costs.
Tags
restaurant POS
payment processing
payment flexibility
integrated operations
labor management
online ordering
processor-agnostic
restaurant tech
multi-unit management