All edutech Fintech Funding Startup News in Korea (Korean Startup News)

Lemontree Raises $1.8M in Pre-Series A for ‘Firfin’ Allowance Management Service

2024-07-09 2 min read

Lemontree Raises $1.8M in Pre-Series A for ‘Firfin’ Allowance Management Service

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Lemontree, a South Korean EduFinTech company operating the allowance management service ‘firfin,’ has raised an additional 2.3 billion KRW (approximately 1.8 million USD) in pre-Series A funding.

This round was led by Kakao Investment, with participation from MMS Ventures, bringing Lemontree’s total funding to over 10.8 billion KRW (approximately 8.3 million USD).

Lemontree was highly rated in this funding round for its expertise in services targeting minors and their parents, as well as its potential to pioneer and grow in the domestic family finance market.

After acquiring an electronic financial business license in South Korea, Lemontree launched the ‘Firfin’ service in March last year. Firfin offers systematic allowance management and financial education, integrating the firfin Card for minors aged seven and above. In its first year, Firfin has attracted 230,000 subscribers, issued 120,000 cards, and exceeded 35 billion KRW (approximately 27 million USD) in cumulative recharge amounts.

In February, Firfin introduced a paid subscription model called ‘Plus Membership,’ which has seen paid subscriber growth increase over tenfold. With the new funding, Lemontree plans to expand its stock investment features, enhance educational content, improve savings functions, and further develop the membership model.

Lemontree CEO Lee Min-hee stated, “Firfin will expand its management scope from allowance spending to savings and investments, becoming a unique service that allows parents to manage their children’s future assets. Our goal is to be a leading service that enhances children’s financial literacy through engaging and systematic education, helping them achieve economic independence sooner.”

[Korean Fintech Startup News]

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