K-visa Attracts Strong Ventures Investment, Revolutionizing Foreign Visa Services in Korea
The comprehensive visa platform for foreigners in Korea, K-visa, has secured investment from Strong Ventures. K-visa is currently offering customized visa services tailored to the needs of the 2.5 million foreigners living in Korea and has successfully processed over 2,000 foreign visa applications. A year after its service revamp, K-visa boasts a visa approval rate of 95% and a 90% customer retention rate, with its revenue in 2023 surging by over 1,000% compared to the previous year.
K-visa transforms the previously provider-centric, complex, and inconvenient visa administration services into accessible and user-friendly IT-based consultation and agency services for both foreigners requiring professional visa assistance and Korean stakeholders.
Following this investment, K-visa intends to expedite its service development by recruiting new developers. It also plans to address the issue of illegal brokers and launch an intermediary platform that connects the over 2,000 administrative offices currently offering foreign visa administrative services in Korea with the annual volume of more than 2 million foreigner visa tasks.
Lee Sang-wook, the CEO of K-visa, remarked, “The demand for professional visa administrative services is on the rise, given the annual increase of over 200,000 foreigners grappling with visa issues, yet there is still a noticeable absence of such services.” He went on to say, “Our goal is to swiftly launch a new K-visa service in the third quarter of 2024, addressing the problem of illegal brokers and providing a user-centric, intuitive, and easily accessible multilingual service through collaboration with domestic administrative agents.”
Cho Ji-yoon at Strong Ventures highlighted, “The demographic landscape of Korea is poised for significant shifts in the next 20-30 years, driven in part by national initiatives addressing the low birthrate issue and an increasing perception of Korea as a land of opportunity for foreigners. While the current foreign resident population in Korea stands at approximately 2.5 million in 2023, projections indicate a surge to over 7 million by 2050, prompting the need for diverse markets to cater to their needs. Enhancing fundamental services like visa and stay management is pivotal, and our decision to invest in K-visa stems from recognizing their team’s capability to swiftly test and develop convenient services in this domain.”
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