Money transfer service, MOIN, raised USD 2 million in its Series A round of funding.
MOIN announced that they received USD 2 million from BA Partners, The Wells Investment, Honest Ventures, BOKWANG Venture Capital, Capstones Partners, and Strong Ventures.
MOIN, which released its service last October, is a blockchain-based global money transfer service that charges low fees and offers quick transfers, transparent charge structures, and an easy application process. Users can easily transfer money overseas on the web or with the app after one verification regardless of their device. According to MOIN, the process is as simple as it would be to send money locally.
Jongseung Lee, CEO of BA Partners, who led this round of funding, said, “MOIN has developed a good solution for efficient money transfers through blockchain technology. We expect to see the team become a leader of the international money transfer industry in Asia based on their strong technical skills.”
MOIN has been growing 138% each quarter and is now preparing for its overseas remittance license, which is required according to the revised foreign exchange transactions law.
After acquiring the license, MOIN will look to tackle more countries in Asia besides the existing markets in Japan and China. In the future, overseas remittance to Korea will also be available as an “Inbound Remittance service” so that Korean workers in other countries can utilize MOIN, making them a valuable target for the company.
Ian Suh, CEO of MOIN, stated “Our remittance service will become more efficient and stable after the funding. MOIN will ultimately exert its huge influence in the overseas remittance market in Asia after this milestone.”
（Top photo from Baidu Images.）
This article, entitled “Money transfer platform MOIN raises USD 2M to expand to smaller markets in Asia”, was written in Korean by Platum, edited by AllTechAsia.