FiNovus Lab, operator of B2B payment solution PAYMONTHS, Raises $1.35M in Series A Funding

FiNovus Lab(파이노버스랩), operator of the B2B payment solution PAYMONTHS, has secured $1.35 million (KRW 1.8 billion) in Series A funding. The investment was led by Kakao Pay, with participation from existing investors Wisdom Asset Management Korea and Strong Ventures, bringing the company’s total funding to $2.63 million (KRW 3.5 billion).

PAYMONTHS is a B2B post-payment service platform that enables suppliers to get paid in advance and buyers to defer cash outlays for 30 to 60 days to free up cash. It eliminates receivables risk through its receivables transfer and acquisition method and manages transaction risk through guaranteed insurance.

FiNovus Lab recently launched PAYMONTHS 2.0, expanding its market to include food, pet, household, steel, MRO and more. With flexible cash flow for both suppliers and buyers, regardless of business size, demand for the service continues to grow, with transaction volumes exceeding $750,000 (KRW 1 billion) per month within three months of launch.

With this investment, FiNovus Lab will focus on enhancing its B2B payment platform and attracting new partners and customers.

A representative from Kakao Pay, which led the investment, explained the background to the investment: “We have made a strategic investment to accelerate the digitalisation of the B2B payment market. We will continue to expand the market by integrating Kakao Pay’s merchant network and payment infrastructure into the PAYMONTHS solution.

Jongwook Jang, CEO of FiNovus Lab, said: “PAYMONTHS, which started as a solution to the financial problems of small merchants in Dongdaemun, has grown into a comprehensive solution for the entire B2B sector. We will continue to improve the user experience and reduce the cost of solving problems by working with partners who have expertise in each area”.

FiNovus Lab has also been selected for the SparkLabs 17th Batch Programme to raise seed investment, and has been selected by Seoul Guarantee Insurance Company for SGI Sangsang Plus to work on various collaborations related to the digital transformation of guarantee insurance.