Shadine Taufik · · 1 min readSouth Korea-based BNPL firm bags undisclosed pre-series A money
Openull, a South Korea-based fintech firm, has raised an undisclosed amount in a pre-series A round that saw participation from Shinhan Capital, Infobank, and Block Crafters.
Openull founder and CEO Seong Hun Park / Photo credit: Openull
The startup created Ssomee, the first Korean platform in the buy now, pay later (BNPL) market. Launched two years ago, Ssomee offers its flexible payment option on any ecommerce website.
Founded in 2017 by Seong Hun Park, Openull is slated to launch its mobile app on the Google Play and Apple stores in September.
The funds from this round will be used to expand Openull’s team, develop its technology, and grow its user base. The company previously raised an undisclosed seed round from FuturePlay in 2020.
Targeting the growing market of Gen Z consumers, top fintech players such as Kakao, Toss, and Naver have launched BNPL solutions in South Korea, making competition in the industry more cutthroat.
The global BNPL market is expected to reach US$39.4 billion by 2030, with a compound annual growth rate of 26%.
See also: BNPL struggles amid global recession – except in Southeast Asia
Editing by Samreen Ahmad and Eileen C. Ang
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