SoftBank, Hanwha Investment pour $60m into Korean payments startup Chai

Korean fintech firm Chai said it has raised US$60 million in a series B round led by Seoul-headquartered conglomerate Hanwha Investment and Securities to help fuel its global expansion plans.

Chai CEO Daniel Shin (left) and I’mport chief executive Jiyoon Jang

SoftBank Ventures Asia, SK Networks, Aarden Partners, Hashed, and other unnamed strategic partners also participated, according to a statement. The round follows Chai’s US$15 million series A raise in February this year, boosting its total raised to US$75 million.

Chai operates I’mport, a business-to-business service that helps companies offer over 20 different payment options, including credit cards, e-wallets, and wire transfers. I’mport currently serves over 2,200 merchants including global brands Nike Korea and Philip Morris Korea.

The company also operates a digital wallet and card business, which it claims gained 2.5 million users since launching in June 2019. Four months later, Chai had 51,815 daily active users.

More recently, the startup launched a gamified rewards platform for its Chai Card, which lets users earn instant cashback promos at popular brands.

“As Asia’s digital payments market becomes more fragmented and sales-driven, we believe that a technology-first approach will be key to winning the market,” said Chai CEO Daniel Shin.

According to a study from Reports and Data, the global digital payment industry is expected to reach US$10 trillion by 2026. The report attributed this growth to increasing demand in large enterprises as well as high investment in digital payments research.

“As more and more attention is drawn to the fintech-as-a-service market, we have no doubt that Chai will make a significant mark in Asia and beyond,” said SoftBank Ventures Asia CEO and managing partner JP Lee. “We are excited to support Chai as they start to scale across different new markets.”