TNDN announced on November 30th that it has received USD 0.5 million in investment from Evergreen Investment Partners. Though it was announced later on, the company received this investment in October, just three months after it accepted an investment of USD 1 million from Capstone Partners. TNDN has now received accumulated investment funding of USD 2.1 million.
TNDN allows people in Korea to use WeChat payment, a popular payment service in China. Now, tourists from China can easily make payments at TNDN-affiliated stores in Korea without having to download additional apps or exchange money. In order to not lose customers from China, TNDN allows people to buy additional products after they leave Korea as well.
People who use Toss, a P2P mobile payments platform in Korea, can also easily make payments at TNDN-affiliated stores. Purchases can be made quickly and easily after customers use the Toss app to scan QR codes, insert the payment amount, and then verify the transactions.
TNDN is currently the only company that offers an integrated global payments solution. They offer stores different methods of payment, such as phone to phone payment and POS (Point of sale) systems. TNDN has been rapidly growing and signed deals with 2,500 stores in Seoul and Jeju Island within eight months of releasing the service.
Evergreen Investment Partners delivered its first round of funding on March 22, 2016 and its seconding round in September, 2017. This round of funding has been made through another one of the investment company’s funds: the Youth Startup Fund. Jongguk Hong, CEO of Evergreen Investment Partners, stated: “Its rapid growth as a fintech startup, the team’s vision, the CEO’s leadership, and the passion of the members were the main reasons for our investment.”
TNDN plans to use the funding to expand and improve its services.
Min-Suk Lee, CEO of TNDN, mentioned that the company aims to take the largest market share in the Korean mobile payment sector during 2018. He added that TNDN wants to be Jeju Island’s most famous fintech startup.
(Top photo from 699pic.com)
This article, entitled “Global mobile payment platform TNDN receives funding from Evergreen Investment Partners”, was written in Korean by Platum, edited by AllTechAsia.