Korean FinTech startup Travel Wallet, a global payment service, has secured 19.7 billion won ($15 million) in Series C investment from investors including SK Securities, Golden Oak Investment, Smilegate Investment, CJ Investment, and BNK Investment & Securities. This investment brings the cumulative amount of investment in Travel Wallet to 50 billion won ($38 million).
With this latest funding, Travel Wallet’s financial stability is expected to be further enhanced. The company now has 37.5 billion won in equity capital and 70 billion won in cash assets, a scale more than 10 times that of its customer prepaid charges.
Travel Wallet provides a global payment service that eliminates payment and exchange fees when traveling abroad or making purchases overseas. Users can exchange currencies of 38 countries through the Travel Wallet app and pay at over 100 million VISA online and offline stores worldwide, without any payment fees. The payment service is available in 38 currencies, including the US dollar, euro, yen, and various Asian currencies. Travel Wallet only charges the lowest level of fees in the country for other currencies.
By simplifying the complex international settlement and payment process, Travel Wallet has built its own modern foreign exchange trading system, drastically lowering the costs of existing international transactions. The company also offers Travel Pay, a service that provides the lowest level of overseas payment fees.
This year, Travel Wallet plans to launch a cloud-based B2B payment solution after three years of development. This solution aims to help domestic and foreign companies enter the payment business without initial cost investment by providing the necessary infrastructure for domestic and international payment business on a cloud basis.
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