- August 4, 2021
Sunnyvale
TBCASoft, the cross-carrier blockchain technology leader, announced the Initial Close of Series B funding, in which it raised up to $25 million. The investment was led by Naver Financial Corporation (“Naver Financial”), a subsidiary of South Korea’s internet giant Naver Corporation, with participation from existing investor SoftBank Corp. (“SoftBank”). Naver Financial becomes the second largest institutional investor, investing up to $20 million, while SoftBank, with up to a $5 million investment in this round, will remain the largest institutional investor. The strategic investment by Naver Financial and SoftBank reinforces the shared vision of providing the largest open mobile payment network to offer a ubiquitous merchant acceptance experience. Proceeds of the Series B will be used to step-up international expansion of the HIVEX™ Network, starting from the roll-out across Northeast Asia including Japan, South Korea and Taiwan, followed by Southeast Asia, and will also be used to attract additional talent and drive more innovations.