Fintech Startup "CrossENF" Secures 5 Billion Won Series A Investment
CrossENF Secures First Investment Since Founding
Receives Funding from KB Investment
Fintech startup CrossENF announced on September 1 that it has secured a Series A investment of 5 billion won from KB Investment. This marks the company's first fundraising round since its founding, with its corporate value assessed at 80 billion won.
CrossENF describes itself as a startup dedicated to solving everyday challenges faced by foreigners living in Korea. After its incorporation in 2017, the company obtained a small-scale overseas remittance license in 2018, making it a first-generation operator in the sector. It currently operates the overseas remittance service "Cross" and the online commerce platform "Cross Shop."
The company explained that this investment round reflects recognition of its growth potential, including its expertise in foreigner-focused business operations.
Cross plans to use the investment to strengthen the Cross Shop service, expand its business areas, and accelerate the recruitment of specialized talent.
The company aims to become the "super application for everyday life" that comes to mind first for not only migrant foreigners but also visitors to Korea.
As of last month, the Cross overseas remittance service had accumulated 550,000 members and a total remittance volume of approximately 5 trillion won.
Cross Shop offers around 1,300 products, product descriptions and reviews in users' native languages, and user-friendly features, earning positive feedback from its customers.
In particular, local Regional Managers (RMs) in each country collaborate on service planning and marketing strategies, helping to implement these ideas in the business. Cross analyzes data related to migrant foreigners, which it has accumulated together with RMs, to enhance its services with a focus on ten countries including Thailand, Vietnam, and China.
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Shin Wonhee, CEO of CrossENF, stated, "Cross will become a partner that enables stable settlement in Korea by proving the everyday lives of migrant foreigners through data."
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