South Korean Fintech Start-up Mobiletoong Raises $6.2m in Series A Funding, Led by Seven VCs.

Mobiletoong, a South Korean fintech startup that offers foreign currency payment, transfer, and exchange services to users traveling to Southeast Asia, has raised KRW 7.5bn ($6.2m) in series A funding.

The round was led by seven venture capital firms, bringing the company’s total funding to KRW 7.5bn.

Mobiletoong, which allows users to avoid costly foreign currency exchange fees, was launched six months ago and has already attracted 50,000 users and recorded transaction values of KRW 15bn.

The startup also boasts a strategic partnership with Visa.

The two companies have signed an agreement to launch a prepaid foreign currency card, which will charge transaction fees of between 0% and 0.5%.

Furthermore, Mobiletoong is looking to expand its services to e-commerce purchases. It will be able to offer customers the ability to purchase products from global e-commerce sites such as Amazon and Alibaba using the Mobiletoong card.

This move comes as the company pivots from relying on travel due to the ongoing pandemic.

Who invested in Mobiletoong?