South Korean powerhouse, U Fintech Hub, a renowned FinTech company, recently announced the successful completion of its latest funding round. The firm specialises in remittance services, operating the widely used Utransfer platform.
In its most recent capital drive, U Fintech Hub successfully amassed $4m. The round was led by Forest Partners, a rapidly ascending venture capital firm noted for its yearly growth rate exceeding 200%. With this latest injection, U Fintech Hub’s total raised capital is now approximately $10m, bolstering its financial stability and priming it for sustained growth and innovation in the intensely competitive FinTech industry.
At the heart of U Fintech Hub’s operations lies Utransfer, a global remittance platform that caters to both B2B and C2C markets. The platform facilitates local payouts, money exchange services, and several other business services related to foreign currencies. As a licenced “Electronic financial business operator,” “Overseas remittance service provider,” and “Online exchange business operator,” U Fintech Hub adheres to stringent industry regulations, ensuring the highest standards are met.
The funds raised will propel U Fintech Hub’s long-term global strategies and support its ongoing expansion. This fresh capital will offer the firm enhanced flexibility to navigate the demanding market conditions and aid in the development of new, innovative products and solutions.
Despite the harsh business conditions imposed by the global pandemic, U Fintech Hub managed to extend its reach, establishing entities and offices in Singapore and procuring local licenses. This commitment to growth and adaptability has secured U Fintech Hub’s standing as a significant player in the FinTech arena.
U Fintech Hub CEO, Jaepyo Lee, said, “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.”
Echoing this optimism, Forest Partners CEO, Seung Han, stated, “We expect Utransfer to grow into an Asian FinTech company representing Korea in the future.”
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