# CASHMALLOW

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cashmallow

- Industry: Financial Services
- Headquarters: Seoul, South Korea
- Website: www.cashmallow.com
- Latest round: Series A (Feb 14, 2022)
- Investors on record: 2

## About

Cashmallow is a mobile currency exchange application enabling users to conduct real-time transactions and fee-free ATM withdrawals. It enhances the travel experience for users seeking immediate access to local currency.Cashmallow, founded in 2016 by Hyeongun Yun, operates from Seoul, South Korea. The company focuses on simplifying currency exchange for travelers, having successfully completed 3 deals as of 2022-02-14.Cashmallow specializes in providing a currency exchange application that allows users to conduct real-time currency exchanges directly from their mobile devices. The app offers seamless withdrawal capabilities at overseas ATMs without any associated fees. Users can complete withdrawals through methods such as entering a one-time password (OTP) or scanning a QR code, thus enhancing the convenience of accessing foreign currency while traveling. The core service is designed to eliminate the need for traditional currency exchange methods, making it particularly beneficial for travelers who require immediate access to local currency. Cashmallow serves a diverse customer base, including both individual travelers and expatriates, with operations extending across various geographical markets in Asia, such as South Korea, Japan, Thailand, and Singapore, as well as in regions across Europe and North America.The revenue model for Cashmallow revolves around transaction fees associated with currency exchanges and ATM withdrawals. Each time a user completes a currency exchange or withdrawal, a fee structure is applied, ensuring that the company generates income from these transactions. This model primarily targets consumers who utilize the app for travel, allowing for direct-to-consumer interactions without intermediary involvement. While specific pricing plans have not been disclosed, Cashmallow's flagship product focuses on providing a zero-fee withdrawal service at overseas ATMs, positioning the company favorably in a competitive market. This approach not only enhances user satisfaction but also fosters customer loyalty, contributing to sustainable revenue growth through increased transaction volume.In February 2022, Cashmallow raised an undisclosed amount in Series A funding from new investors Daekyo Investment and SJ Investment Partners. The investment will help Cashmallow recruit IT teams to enhance the security of its mobile solutions. The company aims to introduce new features and expand its market coverage, particularly targeting additional regions in Asia and exploring opportunities in Europe by the end of 2023.

## Funding rounds

- Series A, Feb 14, 2022 — Daekyo Investment, SJ Investment Partners

## Investors

- Daekyo Investment (https://capitalatlas.ai/funds/daekyo-investment) — Series A
- SJ Investment Partners (https://capitalatlas.ai/funds/sj-investment-partners) — Series A