South Korean Fintech CompanyU Fintech Hub Incannounced today that it has successfully raised $4 million in a recent capital funding round led by Forest Partners.
What Happened?With this current funding round, U Fintech Hub has raised approximately $10 million in capital.
U Fintech Hub operates the global remittance platform "Utransfer," specializing in B2B and C2C remittance services, local payouts, money exchange services, and other business scopes related to foreign currencies.
The company achieved significant milestones, including becoming the first operator of "Foreign currency exchange services at Convenient Stores" in collaboration with BGF Retail, the largest logistics conglomerate and owner of the 'CU' convenience store brand.
Utransfer is preparing to launch a 'Home delivery money exchange service' for all local users in South Korea.
U Fintech Hub expanded its global reach by establishing entities and offices in Singapore and obtaining local licenses.
Why Does It Matter?The $4 million raised in this funding round will support U Fintech Hub's long-term global strategies and fuel its ongoing expansion.
Jaepyo Lee, CEO of U Fintech Hub Inc., stated, "Utransfer has been operating its current remittance and exchange services stably based on its own financing without external investment. This investment allows us to fully implement our long-standing global growth strategy."
Seung Han, CEO of Forest Partners, said, "We expectUtransferto grow into an Asian fintech company representing Korea in the future."