Financial technology enterprise focusing on oversea remittance ‘Sent be’ declared on the 11th that it received 185 million won in series A investment from Stone Bridge Capital, L&S Venture Capital, Seonbo Angel Partners, and the Joint Technology Holding Company of Busan University.
Sent be was founded in September last year. So far it has received an accumulated 2.15 billion won of investment from Mashup Angels, Spark Labs, Wisdom World, and Stone Bride Capital.
Because 20-40% of foreigners are working in Busan’s Gyeongnam area, the investment consists of Stone Bridge Busan Creation Fund, L&S Busan – Ulsan – Gyeongju Special Region Fund, Seonbo Angel Partners, Busan Joint Technology Holdings, and personal investment.
Compared to banks, Sent be provides a cheaper and easier online oversea remittance service.Current oversea remittance cost in a bank is 40 – 50 thousand won and takes 2-3 days.
However if you use Sent be, the cost may be 90% cheaper and it only takes 24 hours. The advantage of Sent be is that you can use their oversea remittance service on the Internet.
Sent be is the leading enterprise in the oversea remittance market in Korea. In order to gain more market share, Sent be started its beta service in the Philippines in February. At present, 20% of the Philippines (over 12,000 people) have used this service. Sent be has gained good reviews among foreigners, and maintaining current users aside, Sent be is about to finish building its service in more than nine countries such as Japan, China, Thailand, Singapore, and Hong Kong.
Sent be representative Choi Seonguk stated, “Based on this investment, we will focus on expanding our service oversea, improving service quality, and attracting more customers. Our customers will not be limited to Korea, but also students abroad who need an oversea remittance service and oversea online shopping customers. Providing a convenient oversea remittance service will stabilize Sent be’s leading position in the industry.
Capital Standing committee member of Stone Bridge Choi Dongyeoi said, “We think Sent be has a good understanding and an effective unique ability in the oversea remittance industry. We see the strength and potential in Sent be. The reason we invested in Busan’s special region is to take Busan, Gyeongnam, and Ulsan as a hub, with a certain amount of foreign customers. This is very important.”
