“Can a payments-first restaurant POS beat Toast and Square by bundling the full financial stack — processing, capital, earned tips, payroll — under one hospitality-obsessed brand?”
Founded in 2017 as a payments-and-software company for small businesses by the twin brothers who previously built and sold Central Payment to TSYS, SpotOn pivoted hard into restaurant technology, becoming primarily a cloud restaurant POS, management, and financial-services platform. The company has steadily layered embedded finance on top of the POS — merchant capital (SpotOn Capital, now powered by Parafin on Celtic Bank), an earned-tip-access wallet (DayCheck with the SpotOn Consumer Card issued by Sutton Bank), and payroll integrations via SpotOn Teamwork — positioning itself as the Toast / Square competitor for independent and multi-unit restaurants.
SpotOn discloses Sutton Bank as its banking provider, with Merrick Bank, Wells Fargo Bank, N.A. and Celtic Bank as its sponsor banks, according to the Embedded Finance Index 2026.
SpotOn does not disclose a bank charter of its own; its banking services are provided through Merrick Bank, Wells Fargo Bank, N.A. and Celtic Bank.
SpotOn processes payments through SpotOn Payments (self-operated) and astra. Disclosed money-movement rails: ACH.
SpotOn's cards run on Visa and American Express.
SpotOn's lending and capital products are provided by Parafin and Celtic Bank.
SpotOn integrates with QuickBooks and Xero.
The Embedded Finance Index 2026 maps 7 layers in SpotOn's stack: Payments / PSP (SpotOn Payments (self-operated) and astra); Money movement (ACH); Banking / BaaS (Sutton Bank); Card network (Visa and American Express); Lending (Parafin and Celtic Bank); Sponsor bank (Sutton Bank, Merrick Bank, Wells Fargo Bank, N.A. and Celtic Bank); Accounting (QuickBooks and Xero).
SpotOn was founded by Matt Hyman and Zach Hyman and is founded in 2017, headquartered in San Francisco, CA.
SpotOn has raised undisclosed in total (latest round: undisclosed; valuation: undisclosed).
Get a read on where your own stack stands against SpotOn and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.