TravelWallet, a global payment service based in South Korea, announced that it has raised KRW 19.7 billion in Series C funding. The investment is part of Travel Wallet’s strategy to strengthen its financial position by proactively raising capital in a rapidly changing market environment.

SK Securities, Golden Oak Investment, Smilegate Investment, CJ Investment, and BNK Investment & Securities participated in this round of investment. The company said, “Despite the recent financial market uncertainty and shrinking investment market environment, we received more than three times the target investment amount for the round.” Including this funding, the company has raised a total of KRW 50 billion.

The new Series C funding will further strengthen TravelWallet’s financial position. With this round, TravelWallet now has $37.5 billion in equity and $70 billion in cash on hand. This is more than 10 times the value of TravelWallet’s customer prepaid top-ups, positioning the company for further stable growth.

TravelWallet provides a global payment service that can be used when traveling or shopping abroad with no payment or currency conversion fees. With the TravelWallet app, you can convert your favorite foreign currency from 38 different currencies and conveniently pay at 100 million VISA online and offline merchants worldwide. 

TravelWallet offers payment services for 38 currencies, including U.S., European, Permanent, Australian, Chinese, Thai, Japanese, Vietnamese, Filipino, Indonesian, Malaysian, Singaporean, and Hong Kong, and there are no fees to make payments.  When it comes to currency conversion fees, the company charges no fees for the dollar, euro, and yen, and only the lowest domestic rate for other currencies.

TravelWallet has simplified the previously complex international settlement and payment process and built its own state-of-the-art forex trading system. In doing so, the company has drastically lowered the cost of international transactions, offering the lowest international payment fees like TravelPay.

After three years of development, TravelWallet will launch its cloud-based B2B payment solution in May this year. With this solution, Travel Wallet aims to provide the necessary infrastructure for domestic and international payment businesses in Korea on a cloud-based basis, making it easier for domestic and foreign companies that want to enter the payment business to do so without any initial investment.