Baree corp, operator of the motorcycle finance and commerce platform Reitwagen, has secured 10.3 billion KRW in its Series B funding round. Major investors, including SV Investment, Smilegate Investment, Hyundai Technology Investment, and Strong Ventures, participated in this round.
Baricorp reported that its 2024 revenue tripled compared to the previous year, with the company turning a profit for the first time. This rapid growth has been driven by Reitwagen ’s innovative financial offerings, such as LavaPay—which enables interest-free installment payments even for peer-to-peer used motorcycle transactions—and Lava Subscription, a service that allows users to purchase motorcycles with monthly payments and no upfront costs. Unlike loans or credit card installments, the subscription model does not impact users’ credit scores, making it accessible to those with mid-range credit.
The subscription service has become the platform’s main revenue driver, accounting for 80% of total sales in 2024 and contributing to a 600% year-over-year increase in monthly active users, now exceeding 350,000. The service also includes comprehensive lifecycle support such as regular maintenance and insurance assistance, further enhancing customer value.
Reitwagen’s subscription model has demonstrated stability and scalability, with default rates remaining lower than industry expectations over the past year. This performance has led to new partnerships with financial and capital companies, as well as expanded online sales channels through collaborations with Naver Shopping and Naver Pay. The company is now preparing to launch a premium subscription service targeting high-credit customers.
