WireBarley, a Seoul, South Korea-based fintech startup specializing in global remittance services, raised $10m in Series B funding.
Backers included Magna Investment, Shinsegae I&C and Dt & Investment.
Led by CEO Joong-Won Yoo, WireBarley provides fully contactless financial services via its mobile app and web platform. The company is operating in 5 countries such as the US, Canada, Australia, South Korea, and New Zealand with 21 recipient countries. It has established a global network with 80 remittance corridors.
The company intends to use the funds to strengthen its global remittance service capabilities for individual customers and expand into the B2B field. In addition, regional expansion is on the way. Hong Kong will launch in October and more recipient countries including those in Europe and the Middle East will be added in the future. Furthermore, WireBarley will invest in developing and launching new products over the next few months such as the Multi-Currency Wallet services and additional banking services for North America.
The company gained more than 400,000 app downloads and accumulated well over than $400M in revenue to date.