Paywork, a Korean SaaS startup for business settlement for self-employed and specially hired workers, has attracted pre-series A round investment. The Invention Lab, IPS Ventures, PMF Investment and Primer Partners, an overseas VC, newly participated in this investment, and the size is not disclosed.
Paywork is an integrated service for convenient contract management, such as special type workers, freelancers, and gig workers (short-term workers). It was developed to reduce the time and effort required to create, issue, and manage documents frequently exchanged by individual business owners, such as quotes, transaction statements, invoices, and cash receipts.
Existing methods of creating and issuing estimates are mainly done through document editing programs such as Excel and e-mail. Paywork provides mobile app services that are most suitable for the type of work of target customers who travel frequently. By entering only the essential information, you can complete a customized quote with all discounts and VAT calculations completed within a minute, and you can share it directly via messengers such as KakaoTalk and e-mail in PDFs, images, and links.
It also provides a ‘change history’ function for accurate settlement and dispute prevention. Modification records such as quantity and amount, viewing time of the other party, and whether or not the signature was completed remain in the history in chronological order so that they can be easily checked at any time. It is easy to manage customer information and receivables and supports credit card and Naver Pay payments through Paywork so that customers can pay by card without a card terminal.
Lee Ki-ha, CEO of Primer and Partners, said, “I decided to invest after seeing CEO Sohn’s vision to create a new money trading culture. Paywork is a service that will solve the financial transaction pain points of the self-employed industry, such as settlement delays, unnecessary communication, and non-payment. It is expected to contribute to creating a new work environment.”
Ji-in Sohn, CEO of Paywork, said, “Our goal is to make the entire process of billing and settlement easy in Paywork’s smart work environment and to help customers focus on their work.” As the number of self-employed and special workers is increasing, we will concentrate on upgrading our services to solve inconveniences that users are not aware of.”
Meanwhile, Paywork has secured more than 10,000 users since the launch of the demo version service in September, and their cumulative transaction amount reached 35 billion won. In addition, it has been selected for the 18th Spark Labs, the 4th BNK Fintech Labs, the smart service support business supplier and introduction company hosted by the Ministry of SMEs and Startups, the 5th Nonghyup NH Digital Challenge+, and the 9th Start-Up Nest of the Credit Guarantee Fund.
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