Philip Morris – SoftBank Ventures Asia backs CHAI in $60 million Collection B spherical
At the moment, South Korean fee expertise firm CHAI introduced a $60 million Collection B financing spherical led by Korean conglomerate Hanwha Funding & Securities, with participation from SoftBank Ventures Asia, SK Networks, Aarden Companions, Hashed and different strategic companions. The spherical follows the $15 million Collection A that transpired in February 2020, making the overall funding in CHAI to $75 million.
The funding units CHAI as much as meet the rising demand for companies to maneuver on-line. CHAI is alleged to supply a simple and environment friendly approach for on-line companies to begin accepting funds by way of its B2B service I’mport which tackles the fragmented funds market by offering a single, unified API that allows e-commerce companies to select from a complete set of over 20 totally different fee choices, starting from bank cards, digital wallets and wire transfers. I’mport presently serves over 2,200 retailers together with world manufacturers equivalent to Nike Korea and Philip Morris Korea.
CHAI additionally operates an e-wallet and debit card enterprise which has gained 2.5 million customers since launching in June 2019. Most just lately, CHAI launched a gamified rewards platform for the CHAI Card, the place customers earn ‘bolts’ to unlock prompt cashback at common manufacturers. By including game-like options and social components, CHAI has digitised the plastic card expertise, driving site visitors to its platform whereas preserving the comfort of a plastic card shoppers have develop into accustomed to.
“As Asia’s digital payments market becomes more fragmented and sales-driven, we believe that a technology-first approach will be key to winning the market. That’s why we’ve created developer-centric and scalable solutions for businesses to streamline payments,” stated Daniel Shin, CEO of CHAI. “We also designed an online rewards platform for the CHAI card, creating a more vibrant customer experience that goes beyond the convenience of a plastic card. We are excited to continue to drive innovation with support from experienced investors such as Hanwha and SoftBank Ventures Asia.”
SeungYoung Oh, Director from Hanwha Funding & Securities shared, “I’mport has reduced what once took e-commerce businesses weeks to complete into a simple copy-and-paste task, radically reducing costs. It’s a first-of-its-kind business model in Korea, and I have no doubt that CHAI will continue to grow this service into an essential infrastructure of the global fintech landscape.”
SoftBank Ventures Asia’s CEO and Managing Accomplice JP Lee added, “We’ve been watching CHAI’s tremendous growth and strong leadership in this market from the beginning. As more and more attention is drawn to the Fintech-as-a-service market, we have no doubt that CHAI will make a significant mark in Asia and beyond. We are excited to support CHAI as they start to scale across different new markets.”