Market Kurly acquires payment gateway startup PayBot

Kurly, the operator of the Market Kurly grocery app, has acquired an electronic payment and settlement start-up, Paybot. The acquisition is part of the unicorn startup’s evolutionary strategy to have its payment system and become an “open market” platform.

The food delivery startup has acquired a 100% stake in Paybot, a payment gateway startup that facilitates transactions by authorizing credit cards or processing direct payments. Customers currently purchase items from Market Kurly using payment systems such as Naver Pay, Smile Pay, Chai, Kakao Pay, Toss, and Payco. With the acquisition, Kurly wants to launch its own payment service to enjoy other benefits by paying and earning Market Kurly loyalty points. It will develop a system within its online payment service that will facilitate the settlement of payments for external sellers.

New payment gateway to help Market Kurly sellers too

Kurly plans to strengthen its product assortment and expand customer product options while providing additional opportunities for more partners to sell diverse products. Kurly is planning an e-commerce system in which individual sellers can access the platform and are charged a sales commission. Until now, Market Kurly bought directly the products they sold to customers. With the change, Kurly expects their e-commerce platform to offer more types of products.

Currently, Kurly operates around 30,000 products from around 2,000 direct purchase partners, 96% of which are small and medium businesses, and there is a demand for a more convenient and faster payment system. Kurly expects that once the settlement service upgrade is complete, it can contribute to the business stability of partner companies, which are small and medium-sized businesses, as the convenience of settlement increases. .

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