PayHere, a Korean POS (Point of Sale) solution startup, has secured 15 billion KRW (approximately USD 11.3 million) in Series B2 funding. This round is an extension of the Series B investment completed in April last year, with continued support from existing investors Goodwater Capital and SBVA. With this additional funding raised in just 16 months, PayHere’s total funding now exceeds 50 billion KRW (approximately USD 37.7 million). The company is also pursuing further investments, driven by its strong growth trajectory.

PayHere launched its cloud-based POS service in February 2020. Users can simply install the application on their existing tablets, smartphones, or PCs, eliminating the need to purchase separate POS hardware. By significantly reducing startup costs and time, PayHere quickly secured the largest number of merchants in the industry within just one year of launching its service.

In November of the same year, PayHere was designated as an Innovative Financial Service (under the Financial Regulatory Sandbox) by the Financial Services Commission, becoming the first in the industry to introduce a ‘non-face-to-face credit card merchant registration’ app service. This innovation streamlined the previously complex card registration process, which required in-person or mail submissions, greatly enhancing convenience for small business owners.

PayHere has also set a new standard with its ‘all-in-one store management solution,’ which integrates fragmented services like POS, kiosks, table ordering, waiting lists, marketing, and reservations into a single platform. Through its SaaS model, businesses can subscribe to the features they need based on their industry and size, maximizing efficiency and scalability.

PayHere is on the verge of surpassing 60,000 merchants and is rapidly expanding across various industries, including cafes, restaurants, retail, and services. Recently, the company has accelerated its growth by partnering with franchises like Kyochon Chicken and Ho Chicken, enhancing features such as integrated membership, branch management, and dashboards.

Junki Park, CEO of PayHere, stated, “PayHere has focused on helping small business owners by reducing the time and costs involved in store management. We aim to go beyond providing essential store management tools to offering enterprise solutions that allow businesses to manage dozens or even hundreds of locations with a single click, paving the way for the future of store management.”