Paywork raises pre-Series A funding from domestic and foreign investors

Paywork, a settlement management SaaS startup for self-employed people and workers in nonstandard employment, announced on the 19th that it had raised a pre-Series A round. The undisclosed investment was led by existing investors The Invention Lab, IPS Ventures and PMF Investment, with new participation from overseas VC firm Primer Sazze Partners.

Paywork is an integrated service that helps workers in nonstandard employment, freelancers and gig workers manage contracts more easily. It was developed to save sole proprietors the time and effort involved in preparing, issuing and managing documents they frequently exchange, such as quotes, transaction statements, invoices and cash receipts.

Traditionally, quotes have been prepared and issued using document-editing programs such as Excel and sent by email. Paywork offers a mobile app suited to customers who are frequently on the move. Users can enter essential information and complete a customized quote in under a minute, including discounts and VAT calculations, then share it directly via messaging apps such as KakaoTalk or by email as a PDF, image or link.

The service also offers a “change history” feature to support accurate settlements and prevent disputes. Records of edits to quantities and amounts, when recipients viewed documents and whether they signed are logged chronologically for easy reference. Paywork also makes it easy to manage customer information and outstanding payments, and supports credit card and Naver Pay transactions so users can offer customers card payments without a card terminal.

“We decided to invest after seeing CEO Son’s vision to create a new culture around financial transactions,” said Lee Gi-ha, CEO of Primer Sazze Partners. “Paywork addresses pain points in financial transactions for self-employed people, including delayed settlements, unnecessary communication and unpaid invoices. We expect it to help build a new ecosystem for the changing workforce.”

“Our goal is to make the entire process of invoicing and getting paid easy in Paywork’s smart work environment, so customers can focus on their work,” said Son Ji-in, CEO of Paywork. “The number of business owners surpassed 9 million last year, and the number of self-employed people and workers in nonstandard employment is growing. We’ll focus on improving our service to address even the frustrations users may not yet recognize.”

Paywork: https://paywork.io/