CHAI, one of the fastest growing payment technology companies in Korea, announced today a $60 million Series B financing round led by Korean conglomerate Hanwha Investment & Securities, with participation from SoftBank Ventures Asia, SK Networks, Aarden Partners, Hashed and other strategic partners. This round follows a $15 million Series A from February 2020, making the total investment in CHAI $75 million.
With the global digital payments market forecast to reach $10 trillion by 2026, this round of funding sets up CHAI to meet the rising demand for businesses to move online. CHAI offers the easiest and most efficient way for online businesses to start accepting payments through its B2B service I’mport. I’mport tackles the fragmented payments market by providing a single, unified API that enables e-commerce businesses to choose from a comprehensive set of over 20 different payment options, ranging from credit cards, digital wallets and wire transfer. Hailed as the simplest and highly programmable solution by developers, I’mport currently serves over 2,200 merchants including global brands such as Nike Korea and Philip Morris Korea.
“As Asia’s digital payments market becomes more fragmented and sales-driven, we believe that a technology-first approach will be key to winning the market. That’s why we’ve created developer-centric and scalable solutions for businesses to streamline payments,” said Daniel Shin, CEO of CHAI. “We also designed an online rewards platform for the CHAI card, creating a more vibrant customer experience that goes beyond the convenience of a plastic card. We are excited to continue to drive innovation with support from experienced investors such as Hanwha and SoftBank Ventures Asia.”
SoftBank Ventures Asia’s CEO and Managing Partner JP Lee added, “We’ve 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.”