WireBarley

WireBarley specializes in international money transfer services, providing fast, secure, and cost-efficient transactions across borders for individuals and businesses. Founded in 2016 and headquartered in Seoul, South Korea, WireBarley facilitates international money transfers. The company has raised a total of KRW 5 billion in Series B funding on February 1, 2020, led by Magna Investment and joined by investors including DT&Investment, Gauss Ventures, and others. The firm was co-founded by Eric Yoon and Jai Kim, who have prior experience in related ventures.

WireBarley primarily offers international money transfer services designed to facilitate fast, secure, and cost-efficient transactions across borders. Users can send money in various currencies, including USD to AUD, through a user-friendly platform that supports mobile applications and web interfaces. Customers can execute transfers using debit cards, with funds delivered via bank deposits to recipients in over 46 countries, including Korea, Vietnam, China, and the Philippines. The service targets individuals and businesses, especially expatriates and students, while supporting multiple languages to enhance accessibility.

WireBarley's revenue structure is primarily based on transaction fees associated with money transfers. For instance, users sending USD 1,000 incur a flat fee of USD 9. 99, resulting in a total outgoing amount of USD 1,009. 99.

The firm generates income from both individual consumers and businesses by facilitating these transactions without the high fees typically associated with traditional banks. Additionally, WireBarley offers a Global Card for online purchases overseas without exchange rate fees, contributing to its revenue stream and focusing on lower-cost solutions compared to traditional financial institutions. WireBarley plans to leverage its recent funding round of KRW 5 billion raised in February 2020 to enhance its product offerings and expand into new markets. The company aims to develop new products designed for enhanced user experience and target regions including Southeast Asia and North America by 2025.

The funding will support these initiatives and help to solidify WireBarley’s presence in the international money transfer industry.