South Korea-based digital payment technology provider Chai received $60m on Friday in a series B round led by Hanwha Investment & Securities, a subsidiary of conglomerate Hanwha.
The round included SoftBank Ventures, a corporate venturing arm of telecommunications and internet group SoftBank, and SK Networks, an energy, steel and automotive subsidiary of conglomerate SK Group, as well as Aarden Partners, Hashed and unnamed strategic partners.
Founded in June 2019, Chai provides software that allows businesses to accept online payments from each other through more than 20 options, including credit cards, digital wallets and wire transfer, using the same interface.
Chai’s services are used by more than 2,200 online merchants including Nike Korea and Philip Morris Korea. It also operates a e-wallet and debit card platform that has been used by 2.5 million customers since its launch 18 months ago.
The company had picked up $15m in series A funding from unnamed investors in February this year, and named Stonebridge Ventures, Company K Partners and Korea Investment Partners among its overall investors on Friday.
SoftBank Ventures Asia’s CEO and managing partner, JP Lee, said: “We have been watching Chai’s tremendous growth and strong leadership in this market from the beginning.
“As more and more attention is drawn to the fintech-as-a-service market, we have no doubt that Chai will make a significant mark in Asia and beyond. We are excited to support Chai as they start to scale across different new markets.”