Foreign currency exchange app secures pre-series A funding

Dunamu & Partners and Bass Investment made an undisclosed amount of investment in Mobile Toong, operator of a money changer app Travel Wallet.

Users can exchange 6 foreign currencies including THB and VND, and collect cash in Incheon Airport.

Launched in March 2019, the app boasts US$2.5 million transactions monthly.

The company is planning to add 4 more currencies to its portfolio by the end of this year, and to offer overseas cash collection in 8 Asian countries by August 2019.

In Korea, people mostly visit bank branches to change foreign currencies. This is in contrast to cities like Singapore, where they have access to money changers are in most neighborhoods. Many fintech startups have forayed into online currency exchange, a market worth US$24.8 billion in Korea.

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