SpotOn, San Francisco, California, United States: Lisa Banks, CFO

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Since joining SpotOn in January of 2022, Banks has been laser-focused on building the company’s finance function, helping the Executive Leadership Team navigate the company’s growth trajectory and setting it up for sustained operational success. Within the first five months, Banks completed a $300 million Series F funding round led by Dragoneer Investment Group — SpotOn’s third raise in a year, which valued the company at $3.6 billion. With Banks at the helm, the multi-platform business continues to drive consistent, high double-digit growth rates.

Banks’ sharp eye for strategy and investing for growth has helped her drive operational efficiency within the organization. Early on, she identified key software integrations with Salesforce and Netsuite that have helped SpotOn operate at scale. This came at a crucial time for the organization as it was scaling significantly — ultimately helping SpotOn stay competitive in a challenging market. 

She has also improved business visibility by enhancing SpotOn’s financial discipline and reporting, helping the Executive Leadership Team chart out growth. Her strategic eye and extensive FinTech background have helped SpotOn’s executive leadership team navigate the company’s impressive growth trajectory and set the company up for sustained operational success.

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SFBT Influential Women 2022 award — This award shows evidence of Banks’ contributions to the business community in San Francisco. As a female executive, it’s important to increase visibility of women in business and share insights and learnings with those around her. Banks understands that she sits in a position that allows her to create a pipeline of future women leaders, and is proud to serve as an example for their success.

Interview with SFBT about her new role as CFO of SpotOn

TechCrunch article — This article provides evidence of the $300M funding round led by Lisa Banks and how the money would be used to help grow SpotOn’s business. 

PYMNTS article — This article provides evidence of Banks’ contributions as a thought leader in the digital space. Banks is passionate about the technology industry, especially how it’s ever-evolving with  customer demands constantly changing. In an environment of constant learning and growth, Banks is eager to share her learnings and insights with the wider community. 

Evidence of market competitiveness for point-of-sale software providers

Written answers to the questions

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Lisa Banks is a dynamic leader with 20 years of dedicated finance and accounting experience at premier technology and financial service providers like Cisco, MarketWatch, and Ernst & Young. Prior to joining SpotOn, Banks served as Senior Vice President of Finance at ServiceNow, Inc, where she led financial planning and analysis and investor relations. In her seven years with the company, she helped the business scale from $1B to $6B in revenue.

Banks is highly skilled at using operational change to improve profit margins. She has consistently pursued relentless innovation throughout her career, including developing a global governance process for over $2 billion in spend that improved margins. She is also passionate about helping high-growth companies build the financial infrastructure needed to support their growth and achieve their business strategies.

Banks is a Certified Public Accountant and serves on the Board of Directors and the Audit Committee Chair of Dialpad, Inc. She graduated from Santa Clara University with a B.S. in Finance. Banks was recognized as a San Francisco Business Times’ Most Influential Women in the Bay Area in 2022, an award that recognizes outstanding women business leaders who demonstrate exceptional leadership skills, an innovation mindset, and community involvement.

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SpotOn provides innovative software, point-of-sale, and payment solutions designed to help small to medium businesses in the hospitality industry streamline operations, improve customer experience, and increase profit. When Banks joined the team, the hospitality industry was in disarray —battered by the COVID-19 epidemic and rising inflation, with the greater economy teetering on the brink of a recession. It was during these challenging times that Banks completed a $300 million Series F funding round, allowing SpotOn to grow and better serve its clients who make up the backbone of the U.S. restaurant industry. Her relentless determination to drive growth and efficiency at SpotOn was felt not only by the company, but also by the small and medium sized businesses who rely on its products and services. 

With Retail Technology Review reporting that there were nearly 400,000 new deployments of global point-of-sale software between January and June 2022, Banks’ vital achievements within SpotOn’s finance functions also come at a crucial time of market competitiveness. Competition was expected to grow as retailers looked for solutions that allow them greater flexibility, improve the customer experience, and are scalable across their store networks. Banks’ work integrating key software applications in order to help SpotOn scale as a business provided the company a key competitive advantage that has helped it succeed among fierce competition.