WireBarley, a South Korean fintech startup specializing in global remittance services, has raised 10 billion won ($10m) in Series B funding from Magna Investment, Shinsegae I&C and Dt & Investment.
WireBarley provides fully contactless financial services via its mobile app and web platform. WireBarley is operating in five countries such as the US, Canada, Australia, South Korea, and New Zealand, with 21 recipient countries. It has also established, it said, a strong global network with 80 remittance corridors with affordable fees, fast transfer speeds, and friendly customer service.
Joon-Hak Bae, Vice President of Magna Investment, who led the Series B funding said: “WireBarley has seen explosive growth and is on track to becoming a global fintech leader with its contactless financial services. Magna Investment has confidence in WireBarley’s success.”
WireBarley plans to strengthen its global remittance service capabilities for individual customers and expand into the B2B field, and gear up for regional expansion.
Hong Kong will launch in October, followed by Europe and the Middle East. The company will also 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.
WireBarley recently announced a Zero-Fee policy for all 20 outbound corridors from South Korea as well as from the US to South Korea.
Leveraging this, WireBarley rolled out its first-ever global brand marketing campaign featuring Lee Sun-Gyun, the famous South Korean actor from the movie “Parasite” who has gained global popularity, to strengthen the brand and drive business further.
The overarching brand message is “easing the distance beyond borders and fees” to showcase that WireBarley exists to help its customers to support and connect with their loved ones regardless of the distance.