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Lightspeed's $10 million investment in fintech company TravelWallet marks the first venture capital (VC) investment in a Korean company, and the first time TravelWallet has raised funding from a global VC, according to a press release.
Lightspeed is a US-based global venture capital firm that manages approximately $25 million in assets under management (AUM) worldwide. Known for investing in enterprise startups, Lightspeed has expanded its portfolio to include startups with significant competitive advantages across the enterprise, consumer, healthcare and fintech sectors.
“We've heard a lot of positive feedback from industry insiders and have heard real love from TravelWallet customers. When we signed on with the team, we were very impressed with their strong expertise in the foreign exchange market and payment technology,” said Ping Rojindakul, Partner at Lightspeed. TravelWallet's innovation extends beyond the B2C sector into the B2B realm. The company looks forward to leveraging Lightspeed's global network to support its next stage of growth.
“Our cloud technology is gaining global recognition. There is a greater understanding of our technology overseas compared to Korea. We plan to aggressively expand internationally together with global investors like Lightspeed,” added Travel Wallet CEO Kim Hyun-woo.
The Travel Wallet is transforming the everyday travel experience and has already sold 1 million units.
According to a press release, the transaction value is more than 3 trillion won ($2.173 billion).
