​Orange Square

About ​Orange Square

Orange Square operates as a key fintech entity in South Korea's burgeoning tourism market, targeting the specific financial needs of inbound foreign travelers. Founded in 2013 and formerly known as Bellsoft, the company is steered by CEO Lee Jang-baek, who took the helm in December 2021. Lee, an alumnus of Hong Kong University of Science and Technology with a background in computer science and business, previously served as the company's CPO and was a service planner at Naver's LINE, experiences which directly informed the development of the company's core product. His journey was inspired by his time as an international student in Hong Kong, where he observed the convenience of the Octopus card and recognized a similar need for a unified payment solution for visitors in Korea.

The company's flagship offering, WOWPASS, launched in July 2022, is an all-in-one prepaid card that integrates currency exchange, cashless payments, and a public transportation function (Tmoney) into a single platform. This service directly addresses the challenges foreign tourists face with currency exchange and the local payment ecosystem, where international credit cards are not universally accepted and essential services often require a Korean phone number. Users can acquire and top up their WOWPASS card using 16 different foreign currencies at a network of over 250 unmanned kiosks located in strategic, high-traffic areas such as airports, subway stations, hotels, and convenience stores. The business model generates revenue through fees associated with the service, including a 1,000 KRW fee for cash withdrawals from the card's balance.

The WOWPASS ecosystem is complemented by a mobile app that allows users to check their balance, track transaction history, manage their card, and access a growing suite of travel-related services. Recent additions include a bill-splitting function and partnerships for cashback rewards and discounts at various merchants and tourist attractions. Orange Square holds essential financial licenses in South Korea, including for prepaid electronic payment instruments, unmanned currency exchange, and small-amount overseas remittance, which creates a significant operational advantage. The company has demonstrated strong growth, reporting 10.6 billion KRW in sales in 2023, a dramatic increase from the previous year. In January 2024, Orange Square secured 10 billion KRW in a Series B funding round, bringing its total accumulated investment to 16 billion KRW. Key investors include Korea Investment Partners, Mirae Asset Venture Investment, IMM Investment, and a strategic investment from JYP Entertainment, signaling a move to integrate K-pop culture into its offerings.