South Korean-Based Fintech Startup Travel Wallet Raises $10M From Lightspeed Travel Wallet, a South Korea-based fintech company, has raised $10 million from Lightspeed, a global venture capital firm.
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Lightspeed's $10 million investment in the fintech company, Travel Wallet, marks the venture capital's (VC) first-ever investment in a South Korean company. Notably, it is also Travel Wallet's first-time attracting capital from a global VC, as per their press release.
Lightspeed is a US-based global venture capital firm, overseeing approximately $25 million in assets under management (AUM) worldwide. Renowned for its investments in enterprise startups, Lightspeed has broadened its portfolio to include startups with significant competitive advantages across the enterprise, consumer, healthcare, and fintech sectors.
Pinn Lawjindakul, Partner, Lightspeed said; "We heard a lot of positive feedback from industry practitioners and real customer love from Travel Wallet customers. When we engaged the team, we came away very impressed by the strong expertise in the foreign exchange market and payment technology." Travel Wallet's innovation extends beyond the B2C sector into the B2B realm. The company is looking forward to leveraging Lightspeed's global network to support their next phase of growth.
"Our cloud technology is gaining global recognition. There is a higher understanding of our technology abroad compared to Korea. We plan to actively pursue international expansion with global investors like Lightspeed," added Hyoungwoo Kim, CEO of Travel Wallet.
Travel Wallet is transforming daily travel experiences and has already reached a cumulative
transaction amount of over 3 trillion KRW (which is $2173M), as per the press release.
