ORANGE SQUARE Secures KRW 10 Billion for Tourism-Focused WOWPASS Growth
The Korean company ORANGE SQUARE, which offers the prepaid card WOWPASS and unmanned currency exchange services for foreign tourists, has successfully raised KRW 10 billion in a Series B funding round. This investment brings ORANGE SQUARE’s total cumulative investment to KRW 16 billion. The Series B round included new investors such as Mirrae Asset Venture Investment, IMM Investment, and NAU IB, along with a follow-on investment from the existing investor, Korea Investment Partners.
WOWPASS, an all-in-one prepaid card designed for foreign tourists, integrates payment, currency exchange, and transportation functionalities. Within just 1 year and 5 months of its launch, the card has surpassed 500,000 issuers and 700,000 app subscribers. As of November 2023, WOWPASS’s monthly users account for over 8% of foreign tourist arrivals, rapidly capturing the inbound payment market. In the fourth quarter of 2023, the company reported consecutive profits, achieving KRW 11 billion in sales and a 20% operating profit margin.
This growth, according to ORANGE SQUARE, is attributed to the rapid installation of over 150 unmanned kiosks in key areas frequented by foreign visitors in Korea, such as subways, hotels, department stores, supermarkets, and convenience stores. This effort has solidified the largest card issuance and foreign currency charging infrastructure in the country. Additionally, the expansion of convenient services for foreign tourists through various reservation products on its mobile app has contributed to this success.
A representative from Mirrae Asset Venture Investment, one of the investors, stated, “With its rapid growth and profitability, ORANGE SQUARE has become a scalable platform company targeting foreigners. It’s considered one of the most attractive items in the fintech market for the second half of 2023.”
In the next two years, ORANGE SQUARE plans to install over 400 unmanned kiosks nationwide to ensure easy accessibility to WOWPASS issuance and charging. The company is also looking to expand its competitive edge by developing various convenience services for foreigners, including travel commerce based on mobile apps and websites, and cashback partnership programs.
Lee Jang-baek, CEO of ORANGE SQUARE, commented, “In the swiftly expanding K-travel market, we aim to become the predominant payment method for foreigners with this investment. Leveraging our kiosk and mobile infrastructure, we will continue to develop a variety of services and marketing partnerships, aspiring to evolve into the ‘K-Super App’ for inbound tourism.”
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[…] SQUARE: The operator of the tourist-focused prepaid card WOWPASS, ORANGE SQUARE, secured KRW 10 billion in funding, indicating its dedication to expanding and enhancing its offerings for foreign […]