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Payment industry racks up two more deals

September 20, 2021

The buying spree for the payments industry continued last week with two more deals that demonstrate the industry is continuing to buy up rivals and startups to drive growth.

Fresh off of raising $300 million in new venture capital, the payments software company SpotOn said in a press release that it would acquire Appetize, which provides digital food, beverage and other commerce services for entertainment venues, sports arenas, zoos, colleges and other venues. The company didn’t disclose the financial details of the acquisition, but said the recent fundraising gives SpotOn a valuation of $3.15 billion. Leading the investment was the mega California technology venture firm Andreessen Horowitz, but other notable investors were Wellington Management and Coatue Management.

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