Why PayPal Is Betting Big on Restaurant Payments: Klearly’s $14M Series A Raises the Stakes in Hospitality Fintech
In a crowded fintech landscape, one Amsterdam-based startup is quietly winning over Europe’s hospitality industry — and convincing one of the world’s biggest payments brands to back it.
Klearly, a payments platform tailored to restaurants, bars, and clubs, has just closed a €12 million (approx. US$14 million) Series A round led by PayPal Ventures, the venture arm of PayPal. The investment — which brings Klearly’s total funding to around €20-24 million when combined with previous rounds — signals a strategic push to overhaul how in-person payments happen in hospitality spaces across Europe. (EU-Startups)
Rewriting the Rules of Hospitality Payments
Hospitality businesses — from bustling restaurants during dinner rush to late-night bar crowds — have traditionally relied on generic POS systems that weren’t built for the chaotic pace of service. These systems can be slow, hardware-dependent, and ill-equipped to handle peak-hour demand without hiccups.
That’s where Klearly differentiates itself:
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Hospitality-First Design: Klearly’s payments layer is purpose-built for restaurants and similar venues, prioritising speed, reliability, and deep POS integration rather than generic card processing. (EU-Startups)
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Device-Agnostic Integration: Merchants can keep their existing hardware — including tablets and phones — without expensive upgrades, connecting Klearly’s software directly to POS systems and terminals. (Tech.eu)
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Scalable and Flexible: Whether deployed as a standalone payments system or integrated alongside existing software, Klearly’s platform adapts to the unique workflows of hospitality businesses. (Tech Funding News)
This combination has already helped the startup attract over 4,000 merchants in the Netherlands and approach nearly €1 billion in annualised payment volume, a remarkable achievement for a company still early in its growth trajectory. (EU-Startups)
PayPal’s Strategic Bet
PayPal Ventures’ involvement is significant. By placing capital behind a company focused on in-person payments — rather than solely online or e-commerce flows — PayPal is signalling its interest in the physical economy’s digital transformation. This follows broader industry trends where digital wallets, contactless payments, and smartphone-based solutions are rapidly displacing legacy card terminals. (TechRepublic)
Ashish Aggarwal, Partner at PayPal Ventures, noted that the hospitality sector remains “one of Europe’s largest — yet least integrated — payment categories,” making it ripe for innovation and tailored solutions. With Italy’s ~300,000 restaurants and an expanding footprint in Belgium and beyond, Klearly is well-positioned to capitalize on the demand for smarter payment infrastructure. (EU-Startups)
Where Klearly Fits in the Bigger Fintech Picture
The funding comes at a time when payments technology is undergoing rapid evolution:
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SoftPOS momentum: Solutions that turn mobile devices into contactless payment terminals are gaining traction, democratizing card acceptance and reducing dependency on hardware. (PYMNTS.com)
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Integrated payment layers: Rather than isolated systems, merchants increasingly want payment flows embedded into their POS and service stacks.
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Scale and reliability: During peak service hours, restaurants need payment systems that match the speed of service without dragging operations down.
Klearly’s emphasis on speed, integration, and flexibility reflects these broader shifts — while PayPal’s backing gives the startup both capital and validation as it scales. (Tech.eu)
Glossary
Series A Funding – An early stage of venture capital financing used by startups to scale product, hiring, and go-to-market operations after initial seed funding.
POS (Point of Sale) – The system where transactions are initiated and processed in retail or hospitality settings (e.g., cash registers, tablets).
Device-Agnostic – Software or systems that work across different types of hardware without requiring specific devices.
SoftPOS – A technology that transforms a smartphone or tablet into a contactless payment terminal.
Annualised Payment Volume (TPV) – A metric estimating the total value of payments processed through a platform if current run-rate volumes continued for one year.
Source: https://www.techinasia.com/news/paypalbacked-payments-platform-klearly-nets-14m-series (EU-Startups)
