Korean FinTech company Allra FinTech, which operates the early payment service “Allra,” has raised $9.1m in its Series B funding round.

The investment was led by KB Kookmin Card, which contributed $6.8m, making it Allra FinTech’s second-largest shareholder, according to a report from WowTale. Singapore-based Altara Ventures and Vietnam-based Do Ventures jointly invested $2.3m in the round.

Allra FinTech’s flagship service, Allra Early Payment, is designed to alleviate settlement delays faced by sellers on online marketplaces. Since its inception, the platform has processed over $3bn in cumulative settlements, cementing its position as a leader in the early payment sector.

With the new funding, Allra FinTech plans to expand its team and hire talent to support the growth of the business.

Kim Sang-soo, CEO of Allra FinTech, said, “Over the past four years, we have focused on maintaining the strengths of our ultra-simple early payment service. Even during the Timon-Wemakeprice crisis, we upheld our responsibility as a receivables transferee by refraining from demanding repayment from sellers. This commitment has earned us recognition as a reliable service in the industry, and we are truly grateful for this trust.

“With the Series B funding, we aim to expand into traditional wholesale and retail distribution markets, postpaid service markets, and global services starting in 2025. Our mission remains clear: to become a fintech company that solves the financial challenges of business owners everywhere.”