Dutch FinTech Klearly raised 6 million euros (about $6.2 million) in a seed round to grow its software point-of-sale (SoftPOS) product for hospitality businesses, mobile vendors and other small businesses.
The company’s embedded payment product allows merchants to use any existing Android or Apple terminal to accept card payments, without making hardware upgrades, Global PayTech Ventures, which led the funding round, said in a Wednesday (Jan. 15) post on LinkedIn.
Klearly will use the new funding to expand into new European markets, according to a Tech.eu report that Global PayTech Ventures linked to in its post.
The company’s product is made for restaurant and cafe point of sale (POS) and software-as-a-service (SaaS) providers and works with all Android and iOS devices with near field communication (NFC), according to Klearly’s website.
Its users include restaurants, clubs, fast food businesses and bars, per the site. It can also support the payment needs of beauty salons, taxi drivers, market stalls, businesses that sell at events and any type of self-employed business.
“Outdoor, on the move or in your pocket — wherever you are — you can just take payments,” the Klearly site said.
The company’s product enables businesses to retain their existing bank accounts and acquirers or easily switch providers, according to the Global PayTech Ventures post.
“Klearly’s innovative embedded payments product drives growth and amplifies revenue for restaurant SaaS players while simultaneously providing a superior experience for both consumers and hospitality businesses alike,” the post said.
The product’s architecture is cloud-based and can be customized for other industries, per the post.
“This ease of adaptation and scalability is truly setting Klearly apart,” the post said.
SoftPOS technology, which allows merchants to accept contactless payments using only a smartphone or tablet, is democratizing payment acceptance by eliminating the need for expensive hardware typically associated with traditional POS systems, according to the PYMNTS Intelligence report “How SoftPOS is Poised to Revolutionize Payments.”
The report found that the technology is especially advantageous for small businesses and mobile vendors like food trucks and service providers and that 71% of merchants said SoftPOS will replace traditional POS.