U Fintech Hub Inc, a leading South Korean Fin-tech Company, announced today that it has successfully raised $4 million in a recent capital funding round. The investment was led by Forest Partners, a fast-growing venture capital firm known for its impressive annual growth rate of over 200%. With this recent funding round, U Fintech Hub has now raised approximately $10 million in capital, further solidifying its financial standing and positioning it for continued growth and innovation in the competitive fintech industry.
U Fintech Hub Inc. operates the popular global remittance platform "Utransfer," which specializes in B2B and C2C remittance services, local payouts, money exchange services, and a wide range of other business scopes related to foreign currencies. As a licensed "Electronic financial business operator," "Overseas Remittance service provider," and "Online exchange Business operator," U Fintech Hub Inc. complies with the industry's highest degree of regulatory requirements.
Established in 2018 by a team of experts with extensive experience from major commercial banks in South Korea and top IT conglomerates such as Naver and SK, U Fintech Hub Inc. has shown resilience and innovation despite the challenges posed by the COVID-19 pandemic. The company achieved significant milestones, including becoming the first operator of "Foreign currency exchange services at Convenient Stores" in collaboration with BGF Retail, the largest logistics conglomerate and owner of the 'CU' convenience store brand. This exclusive and innovative project was permitted by the Korean Ministry of Strategy and Finance.
In addition to its existing convenient store exchange services, Utransfer is preparing to launch a 'Home delivery money exchange service' for all local users in South Korea. This new service will provide greater convenience and accessibility to customers, further enhancing Utransfer's commitment to meeting the evolving needs of its user base.
Despite the difficult business climate during the pandemic, U Fintech Hub Inc. expanded its global reach by establishing entities and offices in Singapore and obtaining local licenses. The company's commitment to growth and adaptability has positioned it as a prominent player in the fintech industry.
The $4 million raised in this funding round will be utilized to support U Fintech Hub Inc.'s long-term global strategies and fuel its ongoing expansion. The investment will provide the company with the necessary flexibility to navigate challenging market conditions and further develop innovative products and solutions.
Commenting on the successful funding round, Jaepyo Lee, CEO of U Fintech Hub Inc., stated, "Utransfer has been operating its current remittance and exchange services stably based on its own financing without external investment. This investment allows us to fully implement our long-standing global growth strategy."
Seung Han, CEO of Forest Partners, expressed his confidence in Utransfer's future prospects, saying, "We expect Utransfer to grow into an Asian fintech company representing Korea in the future."
For more information about U Fintech Hub Inc. and its services, please contact:
[U Fintech Hub]
CEO, Jaepyo Lee
Phone: +82-10-9237-3629
Email: [email protected]
[Forest Partners]
IR & IR Executive Officer, Yuna Guk
Phone: +82-10-4316-1916
Email: [email protected]
About U Fintech Hub Inc.:
U Fintech Hub Inc. is a South Korean Fin-tech Company that specializes in global remittance services (B2B & C2C), local payouts, money exchange services, and various other business scopes related to foreign currencies. The company is a licensed "Electronic financial business operator," "Overseas Remittance service provider," and "Online exchange Business operator," complying with the industry's highest degree of regulatory requirements.
Media Contact:
Robert Penington
