Financing status：2016-07, ₩ 1,000,000,000 from Capstone Partners, Startup-X
TNDN, an integrated mobile payment brokerage service raised USD $1M from Capstone Partners, Startup X, and other investors.
TNDN, founded in December 2015, provides a convenient payment platform for mobile payments such as WeChat Pay, Toss, and other services, whereby users simply scan a single ‘QR pop’. It provides services in various ways: through the QR Code, through a Phone-to-Phone method, or by integrating the POS system. They have already secured around 2,500 franchise stores in Jeju and Seoul within only 8 months of the service’s launch.
Chinese tourists (yóukè) travelling to Korea can simply scan the QR code at TNDN’s merchant stores located in major tourist attractions and enter their payment amount without the exchange process and even without having to install any additional apps.
After the payment experience, users with high purchasing power will be naturally attracted to the platform. Even after they return to their home countries, the platform offers services to purchase additional products from Korean merchants as well as providing various Korean contents.
Previously, TNDN’s simple payment service only targeted individual Chinese tourists visiting Korea. However, from July of this year, they partnered with one of Korea’s most popular remittance service applications ‘Toss’, which now enables easy offline payment services for local Korean users.
Min-Seok Lee, CEO of TNDN said, “Through this investment, we will strengthen our existing business and develop services that can enhance merchant benefits, as well as expand our market share. We wish to become a company that grows beyond Jeju Island and become a representative company of Korea”.
（Top photo from Cleeng website）
This article, entitled “TNDN raised USD 1M for integrated mobile payment service”, was written in Korean by Stephanie Seo of Platum, edited by AllTechAsia.