An unknown sum was raised by South Korean fintech company Openull in a pre-series A round that also included Shinhan Capital, Infobank, and Block Crafters.
The start-up developed Ssomee, the first BNPL (buy now, pay later) platform in Korea. Ssomee, a flexible payment option, is available on any e-commerce website and was introduced two years ago.
Seong Hun Park founded Openull in 2017, and it will debut its mobile app on the Google Play and Apple stores in September.
The money from this round will be put to use by Openull to increase its user base, enhance its technology, and grow its personnel. Prior to 2020, FuturePlay provided the startup with unknown seed financing.
Leading fintech companies including Kakao, Toss, and Naver have introduced BNPL solutions in South Korea in an effort to capture the increasing market of Gen Z customers, intensifying the already fierce rivalry in the sector.
With a compound annual growth rate of 26 percent, the worldwide BNPL market is anticipated to expand to US $39.4 billion by 2030.
