Orange Square (WOWPASS) Company Profile

Background

Company Overview

Orange Square, operating under the brand name WOWPASS, is a South Korean fintech company specializing in providing integrated payment solutions for foreign tourists visiting Korea. Established in 2013, the company has developed WOWPASS, an all-in-one prepaid card and mobile wallet app that combines currency exchange, cashless payments, and transportation services. This innovative platform aims to enhance the financial experience of international travelers by offering a seamless and convenient payment method during their stay in Korea.

Mission and Vision

Orange Square's mission is to simplify financial transactions for foreign visitors, enabling them to enjoy a hassle-free travel experience. The company's vision is to become the leading payment platform for international tourists, offering comprehensive services that cater to all their financial needs while traveling in Korea.

Industry Significance

In a rapidly evolving fintech landscape, Orange Square has positioned itself as a key player in the travel payment sector. By addressing the unique challenges faced by foreign tourists in managing payments, currency exchange, and transportation, the company contributes significantly to the growth and innovation within the fintech industry.

Key Strategic Focus

Core Objectives

• Enhancing User Experience: Developing intuitive and user-friendly platforms to ensure seamless financial transactions for foreign tourists.

• Expanding Service Offerings: Broadening the range of services provided through WOWPASS to include additional features that cater to the diverse needs of international travelers.

• Market Penetration: Increasing the adoption of WOWPASS among foreign visitors to establish a dominant presence in the Korean travel payment market.

Areas of Specialization

• Integrated Payment Solutions: Combining multiple financial services into a single platform to simplify transactions for users.

• Currency Exchange Services: Offering competitive and convenient currency exchange options tailored for foreign tourists.

• Transportation Integration: Providing transportation card functionalities to facilitate easy access to public transit systems.

Key Technologies Utilized

• Mobile Application Development: Creating robust and secure mobile applications compatible with various devices to ensure accessibility.

• Unmanned Currency Exchange Kiosks: Deploying self-service kiosks equipped with advanced technology to enable efficient currency exchange and card issuance.

• Data Analytics: Utilizing data analytics to understand user behavior and preferences, thereby enhancing service offerings.

Primary Markets Targeted

• Foreign Tourists in Korea: Focusing on international visitors seeking convenient and efficient payment solutions during their stay.

• Travel and Hospitality Industry: Collaborating with hotels, transportation providers, and retailers to integrate WOWPASS into the broader tourism ecosystem.

Financials and Funding

Funding History

Orange Square has successfully secured significant funding to support its growth and expansion initiatives:

• Series B Funding Round (January 2024): Secured KRW 10 billion from investors including Mirae Asset Venture Investment, IMM Investment, Korea Investment Partners, and Now IB.

• Strategic Investment from JYP Entertainment (July 2024): Received an undisclosed amount to explore synergies in the K-pop tourism sector.

Utilization of Capital

The raised capital is intended for:

• Expansion of Unmanned Currency Exchange Kiosks: Increasing the number of kiosks nationwide to enhance accessibility for foreign tourists.

• Service Diversification: Developing additional features and services within the WOWPASS platform to meet the evolving needs of users.

• Strategic Partnerships: Collaborating with industry leaders to strengthen market position and drive innovation.

Pipeline Development

Key Pipeline Candidates

• Enhanced Mobile Application Features: Introducing functionalities such as bill splitting, real-time transaction alerts, and integration with local tourism passes.

• Expanded Unmanned Currency Exchange Kiosks: Deploying additional kiosks in high-traffic tourist areas to improve service availability.

Stages of Development

• Mobile Application Enhancements: Ongoing development with phased rollouts planned throughout 2025.

• Kiosk Expansion: Installation of new kiosks scheduled to commence in Q2 2025, with completion expected by the end of the year.

Target Conditions

• User Engagement: Increasing active user base and transaction volume through enhanced app features.

• Market Penetration: Achieving widespread adoption of WOWPASS among foreign tourists visiting Korea.

Anticipated Milestones

• App Feature Launches: Introduction of new features in Q3 2025.

• Kiosk Deployment: Completion of kiosk installations by Q4 2025.

Technological Platform and Innovation

Proprietary Technologies

• Integrated Payment System: A unified platform that combines payment processing, currency exchange, and transportation services.

• Unmanned Currency Exchange Kiosks: Self-service machines enabling users to exchange currency and obtain WOWPASS cards without human assistance.

Significant Scientific Methods

• Data Analytics: Analyzing user data to personalize services and improve user experience.

• Machine Learning Algorithms: Utilizing algorithms to detect fraudulent activities and enhance security measures.

Leadership Team

Executive Profiles

• Lee Jang-baek – CEO: With a background in fintech and a vision to revolutionize travel payments, Lee has been instrumental in the development and growth of WOWPASS.

• [Additional Executive Profiles]: [Information not available in the provided sources.]

Competitor Profile

Market Insights and Dynamics

The travel fintech market in Korea is experiencing rapid growth, driven by increasing numbers of international visitors and the demand for convenient payment solutions. The market size is substantial, with foreign tourists contributing significantly to the economy.

Competitor Analysis

• Tmoney: A major competitor offering transportation card services but lacks integrated payment and currency exchange functionalities.

• Kakao Pay: Provides mobile payment solutions but is primarily focused on domestic users, with limited services tailored for foreign tourists.

Strategic Collaborations and Partnerships

• In July 2024, Orange Square secured a strategic investment from JYP Entertainment to explore synergies in the K-pop tourism sector.

Operational Insights

Orange Square differentiates itself by offering a comprehensive solution that addresses the unique needs of foreign tourists, combining payment, currency exchange, and transportation services into a single platform.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Service Expansion: Introducing new features and services to enhance user experience and attract a broader audience.

• Market Expansion: Exploring opportunities to extend services to other countries with significant numbers of international visitors.

Future Business Directions

• Partnerships: Forming alliances with global travel and hospitality brands to expand reach and service offerings.

• Technological Advancements: Investing in emerging technologies to maintain a competitive edge and meet evolving user expectations.

Opportunities for Expansion

• Regional Growth: Targeting other Asian markets with high volumes of international tourists.

• Service Diversification: Adding new functionalities such as travel insurance, event bookings, and local experience recommendations.

Contact Information

• Social Media Profiles:

• LinkedIn: Orange Square company profile on LinkedIn.

• Facebook: Orange Square official Facebook page.

• Instagram: Orange Square official Instagram account.

Note: The above information is based on the latest available data as of December 31, 2025.