Kakao Ventures (CEO Jung Shin-ah) made an announcement on the 28th that it has invested $0.17M USD (200 million won) into Mobiletoong (CEO Kim Hyung-woo) that operates mobile exchange service called ‘Travel Wallet‘.
With this investment, Mobiletoong finished the Seeded Round. Mobiletoong is a team consisting of CEO Kim Hyung-woo, who has more than eight years of experience in managing foreign currency in Samsung Asset Management, and Chief Financial Officer Choi Woo-joon, who was the chief financial officer of ITG.
Mobiletoong solves the inconvenience of offline currency exchange and high fee burden. As long as the user requests currency exchange from the Travel Wallet application, the amount can be exchanged at a customized low exchange rate from the prepaid check card and payment of the card can be made easily from overseas. Currency requests are available 24 hours a day. The biggest advantage of Travel Wallet is its low exchange rate. Compared to the one to ten percent commission for exchange at a bank or airport, Travel Wallet can lower the exchange rate of all currencies to the zero percent level through its own exchange transaction system.
It is planning to release its Travel Wallet application with Android and iOS versions in February.
“We will do our best to enhance user satisfaction and product completeness so that many users can experience easy exchange and payment through Travel Wallet.”
CEO Kim Hyung-woo of Mobiletoong.
“Based on our understanding and execution of Mobiletoong professional foreign exchange and financial markets, we will actively support this project to become an innovative exchange platform that has changed the inconvenience of exchange activities and the structure of commission.”
Jung Shin-ah CEO of Kakao Ventures who led this investment