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WireBarley in cross-border payments raises $10m Series B

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WireBarley, a South Korean fintech startup announced it has raised US$10 million in a Series B round of funding per a press release from the company dated September 17, 2020.

The fresh funds was secured from Magna Investment, Shinsegae I&C and Dt & Investment according to the statement.

WireBarley will use the proceeds of the fresh fund to its cross-border remittance capabilities for customers to enable its expansion into the B2B segment, the statement noted.

The fresh funds will also be utilized in developing a multi-currency wallet services and other banking services for the North American market.

The startup had previously raised US$4 million in its Series A funding round in June, 2018, according to data from Tracxn.

Joon-Hak Bae, Vice President of Magna Investment, who led the Series B funding 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.”

WireBarley is operating in 5 countries such as the US, Canada, Australia, South Korea, and New Zealand with 21 recipient countries and has established a strong global network with 80 remittance corridors with affordable fees, fast transfer speeds, and friendly customer service.

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