The life finance platform corporation Hanpass announced on the 14th that it has completed a Series D investment of 10 billion won from the Industrial Bank of Korea. This is a year after the Series C round last year.
Hanpass raised 2 billion won in a pre-Series A round investment in 2018, just a year after its establishment. It subsequently secured 11.7 billion won in a Series B round in 2019 and 11 billion won in a Series C round last year. The Series C round included participation from JB Financial Group, Jeonbuk Bank, and JB Investment.
Hanpass plans to launch new services based on the funds raised this time. In addition to its core business of remittances, it aims to launch a job portal, loan comparison, and mobility services, growing into a life finance platform for foreigners.
The company also plans to accelerate its efforts in targeting overseas markets in North America, Asia, and Europe. It has currently established entities in Japan and Australia that hold overseas remittance licenses. The plan is to expand to Dubai, the United States, Singapore, France, and the United Kingdom. Hanpass aims to establish entities with remittance licenses in more than 10 countries by 2027.
A representative from the Industrial Bank of Korea, which participated in this investment, said, "I expect Hanpass's remittance business capabilities to further strengthen and evolve into a life finance platform for foreigners residing in Korea."
Kim Kyung-hoon, the CEO of Hanpass, stated, "We will lead life finance services for foreigners, who account for over 5% of the domestic population, and provide comprehensive services considering diversity and inclusivity," adding, "We will also pursue an initial public offering (IPO) as a stepping stone for large-scale investment."