Saturday, February 17, 2024

Funding

STEPPAY, a Billing Solution for SaaS, raised a cumulative investment of $3.9 million



Fintech startup StepPay, which operates a specialized billing and payment solution for SaaS, announced on July 6th that it had successfully completed the Pre-A 2nd round of investment. This round of investment was participated by KB Investment, Medici Investment, and Primer Sazze Partners.


StepPay, having previously secured investment during a period of minimal VC funding last October, successfully garnered additional investment in less than a year, demonstrating its service's value and potential even amidst challenging times. As a result, StepPay raised $3.7 million in the Pre-A round, culminating in a total accumulated investment of $3.9 million


StepPay is a subscription payment solution specifically tailored for SaaS (Software-as-a-Service). One of the most significant features of StepPay is that it supports usage-based billing for the first time in Korea, allowing for easy implementation of various methods such as charge per transaction and charge per user. Not only payment but also plan management, product management, and customer management features are provided at once, drastically reducing the SaaS payment development costs to 1/10th. It's gaining popularity by solving the essential but challenging aspects of software implementation.


Not only specific services, but a wide range of goods, services, and sectors are being offered in the form of subscriptions. StepPay provides these companies with the quickest and easiest solution to various payment problems such as combined billing and discounts.


With its unique differentiation, the number of users from startups such as Gowid and Business Canvas to small and medium-sized enterprises and large corporations is steadily increasing. Recognizing the technical and competitive advantages of the service, it was also selected as a 'Cloud Voucher Supply Company' sponsored by the Ministry of Science and ICT this year, enabling more companies to access StepPay.


Jiae Lee, an executive director at KB Investment, who participated in this investment, said, "Despite having a significant number of IT personnel, many companies are struggling to apply constantly changing pricing plans online." She revealed the reason for the investment, saying, "It was a SaaS that our portfolio companies urgently needed."


StepPay : https://www.steppay.kr/

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