Payhere Secures 20 Billion KRW Series B Funding

Cloud-Based POS Service Used in 35,000 Stores

Fintech startup Payhere (CEO Park Jun-gi) announced on the 13th that it has secured 20 billion KRW in Series B funding. The total cumulative investment amount has exceeded 35 billion KRW.

This round was led by Silicon Valley-based venture capital (VC) Goodwater Capital, with Smilegate Investment newly participating. Existing investors SoftBank Ventures and Hashed Ventures also made follow-up investments. It has been one year since completing a 12 billion KRW Series A round in March last year.

Payhere started in 2020 with a cloud-based POS (Point of Sale) service. Users can download the app on their preferred devices such as smartphones, tablets, and laptops. In particular, it enhanced user convenience by segmenting POS functions, which were previously limited to restaurants, to suit various industries and scales including cafes, dining establishments, retail, service industries, and franchises.

Payhere overcame the physical and functional limitations of traditional POS terminals fixed on counters by adopting a cloud-based approach, lowering the entry barriers for startups with simple usage and reasonable fees. Within one year of launch, it surpassed the industry’s highest number of franchise stores and is currently used in more than 35,000 stores nationwide.

The service, which allows users to select and subscribe to desired functions directly from the POS screen, has great potential for expansion as a Software as a Service (SaaS) model. Payhere consolidates scattered store management services such as delivery, marketing, kiosks, waiting, and table orders, along with all orders, payments, and customer data in one place. In the second quarter of this year, it plans to launch a newly enhanced POS system with advanced inventory and option management features tailored for retail sectors such as clothing, stationery, and groceries.

Park Jun-gi, CEO of Payhere, said, "The Payhere team started by focusing on offline stores and creating technology for small business owners. We will continue to address the concerns and challenges of store owners?such as labor shortages, labor costs, promotion, and sales?up close and help make store operations easier and more convenient."

This content was produced with the assistance of AI translation services.