Payhere Secures 15 Billion KRW in Series B2 Funding

Goodwater Capital, SBVA and Other Existing Investors Participate in Follow-up Investment

POS solution startup Payhere announced on the 20th that it has secured 15 billion KRW in Series B2 funding. This investment is an extension of the Series B round completed in April last year. Existing investors Goodwater Capital and SBVA participated. With this additional investment secured in 16 months, Payhere's cumulative funding has surpassed 50 billion KRW. Further investments are also underway.

Payhere launched its cloud-based POS service in February 2020. There is no need to purchase a separate POS device; users simply install the application (app) on their tablets, smartphones, or PCs. In November of the same year, Payhere was designated as an Innovative Financial Service (Financial Regulatory Sandbox) by the Financial Services Commission and introduced a ‘non-face-to-face card company merchant registration’ app service. This innovation transformed the previously complex card merchant registration process, which was conducted face-to-face or by mail, into a non-face-to-face process, enhancing convenience for self-employed business owners.

Additionally, Payhere presented a new paradigm with its ‘all-in-one store management solution’ that integrates fragmented services such as POS, kiosks, table orders, waiting, marketing, and reservations into one platform. It maximizes efficiency and scalability as a Software as a Service (SaaS) where users can subscribe to the functions they need according to their industry and scale.

Payhere is approaching 60,000 merchants and is rapidly expanding into various industries including cafes, restaurants, wholesale and retail, and services. Recently, it has formed business partnerships with franchises such as Kyochon Chicken and Ho Chicken, enhancing features like integrated membership and branch management.

Junki Park, CEO of Payhere, said, “Payhere has focused on providing practical help to self-employed business owners by reducing the costs and time involved in store management. We will expand beyond everything needed for store operations to an enterprise solution that can manage dozens or hundreds of branches with a single click, opening a new future for stores.”