Switchwon, a South Korean foreign-exchange fintech company, has secured KRW 20 billion (approximately $14.6 million) in Series A funding from Wuiup Technology Investment, POSCO Technology Investment, and Daekyo Investment.
Wuiup Technology Investment, formerly Vector Technology Investment, led the round, with POSCO Technology Investment and Daekyo Investment also participating. POSCO Technology Investment is the company’s largest financial investor, holding an 8.32% stake through the POSCO Busan Regional New Deal Venture Investment Fund. POSCO Technology Investment has backed Switchwon since its seed stage, while Daekyo Investment also returned as a follow-on investor after leading an earlier Pre-Series A round.
The new capital follows Switchwon’s seed investment in 2021 and Pre-Series A rounds in 2023 and 2024. The company said the investment has resolved the capital impairment concerns that had emerged in its financial statements, with the funds to be reflected in its current-year accounts. Industry reports had previously highlighted negative equity and liquidity pressure, while Switchwon said the new funding means it is no longer in a fully capital-impaired position.
Founded in South Korea, Switchwon operates an online foreign-exchange trading and conversion platform built around the idea that global financial services should be accessible to everyone. Rather than focusing solely on travel money or overseas remittances, the company targets so-called “FX-tech” users who repeatedly buy and sell currencies such as the U.S. dollar and Japanese yen to pursue exchange-rate gains.
The platform is designed to simplify foreign exchange through free or low-cost conversion, automated transactions, and split or recurring exchanges. Switchwon’s service aims to reduce the high fees and complex procedures traditionally associated with currency exchange while allowing users to manage foreign currencies digitally. The company reportedly processed annual transaction volume of about KRW 5 trillion, with cumulative transaction volume reaching roughly KRW 7 trillion and monthly processing exceeding KRW 450 billion.
Switchwon plans to use the new capital to accelerate global expansion and broaden its foreign-exchange and financial-product offerings. The company is also targeting expansion into gold and other commodities, extending its platform beyond currency trading into a broader asset-management and trading service.
The company said its 2025 revenue grew approximately 486% year over year, although it has also faced financial pressure and reported an operating loss. Switchwon’s next phase will therefore involve balancing rapid transaction growth with stronger financial management as it expands internationally and develops new products.
