South Korean WireBarley Secures $10 Million Through Series B Funding Round

WireBarley, a South Korean fintech focused on global remittance services, announced on Thursday it secured $10 million through its Series B funding round from  Magna Investment, Shinsegae I&C, and Dt & Investment.

WireBarley describes itself as a money transfer startup that provides fully contactless financial services through its mobile app and web platform. The company is now operating in five countries, the U.S., CanadaAustraliaSouth Korea, and New Zealand with 21 recipient countries and has established a strong global network with 80 remittance corridors with affordable fees, fast transfer speeds, and friendly customer service. 

WireBarley reported with the investment it will strengthen its global remittance service capabilities for individual customers and expand into the B2B field.

“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.”

WireBarley also recently announced it is offering a Zero-Fee policy for all 20 outbound corridors from South Korea as well as from the US to South Korea. The company is also rolling out it global brand marketing campaign featuring South Korean actor Lee Sun-Gyun to strengthen its brand and drive more business. WireBarley added:

“WireBarley gained more than 400,000 app downloads and accumulated well over than $400 million in revenue to date. It is well on track to becoming a leader in global remittance in both the Asia-Pacific and North America.”

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