In the fast-evolving world of fintech, few leaders have made as significant an impact on small and midsize businesses (SMBs) as Zachary Hyman, Co-Founder and Co-CEO of SpotOn Transact, LLC. With over two decades of experience in payment processing and software solutions, Hyman has been instrumental in building SpotOn into a powerhouse platform that empowers merchants to compete and thrive in today’s digital economy. Alongside his twin brother, Matt Hyman, and co-founder, Doron Friedman, Zachary has redefined how small to medium-sized businesses (SMBs) operate by delivering integrated, cost-effective, and innovative tools tailored to their unique needs.
Early Beginnings and Entrepreneurial Roots
Zachary Hyman’s journey in the payments industry began in 2000, when he and his brother, Matt, founded CardPayment Solutions at the age of 23. At a time when small businesses were often overcharged for credit card processing, the Hyman brothers saw an opportunity to offer better rates and superior service. Their early success led to the sale of CardPayment Solutions to iPayment in 2003, but their entrepreneurial drive didn’t stop there. Armed with industry insights and a passion for solving merchant pain points, they went on to establish Central Payment, which they scaled into a major player before selling it to Total System Services (TSYS) in 2018 for a valuation of $840 million.
During their time at Central Payment, Zachary, and Matt, along with Doron Friedman, identified a critical gap in the market: small to medium-sized businesses (SMBs) were underserved by fintech companies, particularly in terms of affordable, integrated software solutions. This realization laid the groundwork for SpotOn, a company founded in 2017 with a mission to provide small to medium-sized businesses (SMBs) with the tools they need to grow, manage, and connect with their customers.
Building SpotOn: A Platform for SMB Success
SpotOn Transact, LLC, headquartered in San Francisco, is a cutting-edge payments and software company designed to address the finite resources of SMBs—time and money. As Co-Founder and Co-CEO, Zachary Hyman has been a driving force behind the development of SpotOn’s comprehensive platform, which combines payment processing with tools for marketing, loyalty, reviews, analytics, point-of-sale (POS), online ordering, and more. The platform’s flexibility enables merchants to select their processors, retain their existing POS systems, and avoid long-term contracts, thereby earning trust through value rather than obligation.
Hyman’s deep understanding of SMB challenges has shaped SpotOn’s client-centric approach. “A Small Business Owner has two primary finite resources: time and money,” Hyman noted in a 2018 statement. “The SpotOn platform provides them a simple way to communicate with their customers and grow their business, all at their fingertips and for an extremely low cost.” This philosophy has resonated with over 30,000 businesses, particularly in the restaurant and retail sectors, with SpotOn expecting significant growth in the years ahead.
Under Hyman’s leadership, SpotOn has raised $900 million in funding across eight rounds, achieving a valuation of $3.6 billion. Notable investors include Andreessen Horowitz, DST Global, Franklin Templeton, and Mubadala Investment Company, reflecting strong confidence in SpotOn’s vision. The company’s Series D funding round in 2021, which raised $125 million, was led by Andreessen Horowitz and marked a pivotal moment in accelerating product development and market expansion.
Innovation and Resilience During Crisis
SpotOn’s commitment to SMBs was put to the test during the COVID-19 pandemic, and Zachary Hyman’s leadership shone through. While many tech companies scaled back, SpotOn doubled down on innovation, waiving $1.5 million in software fees, assisting clients with Paycheck Protection Program (PPP) loan applications, and introducing low-cost private lending through SpotOn Capital. The company also pivoted its product roadmap to roll out commission-free online ordering and over 400 product upgrades in 2020 alone, helping restaurants and retailers adapt to rapidly changing market conditions.
Hyman’s strategic foresight also led to key acquisitions, such as SeatNinja, which expanded SpotOn’s offerings in restaurant reservations, and partnerships with the Small Business Administration (SBA) to facilitate access to federal funding. These efforts not only helped clients survive but positioned SpotOn as a critical infrastructure provider for SMBs navigating unprecedented challenges.
A Vision for the Future
As Co-CEO Zachary Hyman continues to steer SpotOn toward its goal of becoming the go-to platform for SMBs nationwide. His focus on strategic growth and operational efficiency, combined with a commitment to client success, has earned SpotOn accolades such as the Inc. Power Partner Award and recognition as the best restaurant POS system by Capterra users.
Hyman’s leadership style is rooted in empathy for SMB owners, many of whom face relentless demands on their time and resources. By fostering a company culture that prioritizes client needs and continuous innovation, he has built a team of over 1,350 employees, including 350 field sales representatives, dedicated to delivering personalized service and cutting-edge solutions.
Beyond the Office: A Personal Touch
While Zachary Hyman’s professional achievements are remarkable, his connection to the industries SpotOn serves adds depth to his leadership. Like many of SpotOn’s employees, Hyman understands the hustle of small businesses, a perspective that informs the company’s client-first approach. His ability to forge strategic partnerships and lead high-performing teams has been honed over years of experience, from his early days at CardPayment Solutions to his pivotal role at Central Payment.
Conclusion
Zachary Hyman’s journey from a young entrepreneur to a fintech visionary underscores his relentless drive to empower small businesses. Through SpotOn, he has created a platform that not only addresses the practical needs of small to medium-sized businesses (SMBs) but also provides them with the tools to compete with larger players in an increasingly digital world. With a proven track record of innovation, resilience, and client-centric leadership, Hyman is poised to continue transforming the fintech landscape, one small business at a time.
