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B2B Payment Innovator FiNovus Lab Secures ₩1.8B Series A Led by KakaoPay

2024-02-01 < 1 min read

B2B Payment Innovator FiNovus Lab Secures ₩1.8B Series A Led by KakaoPay

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FiNovus Lab, a South Korean company behind the payment solution Paymonths, has secured a Series A investment of ₩1.8 billion, led by KakaoPay. Previous investors, Wisdom Asset Management Korea, and Strong Ventures, also joined in, bringing the total funding to ₩3.5 billion.

Paymonths functions as a B2B post-payment service platform, allowing suppliers to receive upfront payments and buyers to defer cash expenditures for up to 60 days, ensuring financial flexibility. The platform also mitigates transaction risks through accounts receivable transfers and insurance.

FiNovus Lab recently launched Paymonths 2.0, expanding into diverse markets such as food, pet supplies, daily necessities, steel, and MRO. Within three months of its launch, the platform recorded monthly transactions exceeding ₩1 billion, indicating a growing demand.

The newly acquired funds will be used to enhance the B2B payment platform and focus on acquiring new partners and customers. KakaoPay, spearheading the investment, expressed their intention to promote digitalization in the B2B payment market. They plan to integrate KakaoPay’s merchant network and payment infrastructure with Paymonths for further market expansion.

Jang Jong-wook, CEO of FiNovus Lab, stated, “Starting with addressing financial challenges for small sellers in Dongdaemun, Paymonths has evolved into a comprehensive solution for the entire B2B sector.” He added, “Through collaboration with specialized partners in each sector, we aim to enhance user experience and consistently reduce problem-solving costs.”

[Korean Fintech Startup News]

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