Korean FinTech WireBarley reaching global heights with its cross-border remittance service

WireaBarley offers cross-border remittance service.

WireBarley Corp., a Korean money transfer FinTech startup, has been leading the market in mobile/online cross-border remittance service in Asia-Pacific region. The startup headquartered in South Korea has quickly expanded its services across the globe with subsidiaries in Australia, New Zealand, Hong Kong and the USA and clientele in Vietnam, Philippines, Hong Kong, Nepal, Indonesia, Singapore, United Kingdom, Germany, France.

Making money transfer easier and cheaper

Established in 2016 WireBarley provides a quicker, safer, cheaper and more glocalized way to transfer money to 20 countries and over 100 corridors through its financial technology platform. WireBarley boasts of a remittance platform unrivalled by typical money transfer companies.  WireBarley’s platform allows its users to record, verify and clear cross-regional transfer data transmitted using proprietary algorithmic technologies; thus, enabling exponential growth with an emphasis in compliance. WireBarley also has its Forex (FX) and corporate treasury center in Hong Kong, which is one of the largest FX trading hubs in the world, to enable internal clearing and banking functions to strengthen FX cost advantage, speed of flow of funds and management of FX risk exposures.

Over 100,000 customers have signed up for the WireBarley mobile app and web services with over 50,000 active customers. WireBarley has helped customers make over 220,000 transactions for an accumulated transaction volume of $ 150 million.

Creating a global presence with specialisation in the Asia-Pacific region

The FinTech has well-equipped seasoned management comprised of professionals in management consulting, ITC startups, entrepreneurs, guru engineers and global financial markets with decades of experience. In 2017, WireBarley was selected for Korean government’s TIPS (Tech Incubator Program for Startup), the institute that provides grants and supports the most promising startups with innovative ideas and groundbreaking technologies in the country. The startup boasts of being the leading remittance service tailored to meet the local Asia Pacific needs with a global presence.

 

The startup has received substantial investment from venture capitals and angel investors, who have invested around $ 6 million of which $ 4 million was done in 2018. WireBarley wants to aggressively expand its presence in Asia Pacific with its launch of inbound and outbound remittance services in the USA. WireBarley plans to reach annualized transaction volume of $ 400 milllion by the end of 2019.

WireBarley’s team will be attending the RISE Conference to be held from July 8 to 11 in Hong Kong, that is supported by the Korea Institute of Startups & Entrepreneurship Development (KISED). The RISE Summit attracts many prominent leaders from global companies, major media outlets, and influential investors.

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KoreaTechDesk is a trustworthy source for news on the start-up industry in South Korea. It focuses on various tech start-ups, which are developing some unique and interesting products. press@koreatechdesk.com

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