WireBarley closes $10m investment to support regional growth

South Korean FinTech platform WireBarley has secured KRW10bn ($10m) in its Series B investment.

The round was supported by Magna Investment, Shinsegae I&C and Dt & Investment.

Following the close of the round, the FinTech is hoping to deepen its global remittance service capabilities for individual customers and expand into the B2B space. Furthermore, the company will further invest into developing and launching new products in the coming months, including a multi-currency wallet services and additional banking services for North America.

WireBarley is also using the capital to continue its regional expansion, with its launch in Hong Kong coming in October. The company will release its services in European countries in the near future.

The FinTech offers contactless financial services through its mobile app and web platform in South Korea, New Zealand, Australia, Canada and the US. Users can send money to 21 recipient countries .

Magna Investment vice president Joon-Hak Bae said, “WireBarley has seen explosive growth and is on track to becoming a global fintech leader with its contactless financial services. Magna Investment has confidence in WireBarley’s success.”

Earlier in the month, peer-to-peer money (P2P) transfer platform Viva Republica reportedly raised $173m in a funding round to support the development of its product.

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